Revised LTCi Quotes for Cathy and Duane

Cathy and Duane,

Good news. Your revised long-term care (LTC) insurance quotes are ready.

🔁 Revised quotes

I’ve provided three traditional quotes. Each includes 3% annual growth to help benefits keep pace with rising LTC costs, a 10-year premium payment period, reimbursement-based benefits, no refund, and a starting benefit of $4,500 per month.

🧐 My notes

The three quotes I shared are either fully guaranteed or largely guaranteed, which protects you from future rate increases. If you instead chose a lifetime payment option, premiums would not be guaranteed. The primary difference among these options is how long benefits last.

• Option A: Each of you receives 5 years of benefits. If one of you uses all your coverage and still needs care, you can draw from your partner’s remaining benefits. If 100% of those benefits are used, you may purchase an additional 24 months of coverage for your partner with no additional underwriting.
• Option B: Each of you receives 5 years of benefits. If one of you uses all your coverage and still needs care, you can access a third, shared pool that provides an additional 5 years of benefits (15 in total). Compare this to hybrid Option B, which had nearly identical premiums and benefits, but included 12 years of coverage (not shared) and a refund.
• Option C: Each of you receives lifetime benefits, but the hybrid OneAmerica quote with lifetime benefits cost less.

My thoughts: For this round of quotes, I'd lean toward Option B because it offers a reasonable premium paired with up to 15 years of potential benefits. With that said, the hybrid options were competitive and included a refund if your benefits weren't used.

If you'd like to adjust your annual benefits, you can adjust your premium—your benefits will change proportionally (e.g., by 25%). You could also reduce premiums under Option A or B by shortening the benefit period from 5 years to 3 years.

The average cost of assisted-living in New Hampshire was $7,400/month in 2024. Your options provide lower monthly benefits than this projection ($4,500/month), but you can bridge the gap using personal savings and Social Security. The goal for most people is meaningful coverage, not paying every dollar.

👉🏻 Next steps

If any of these policies look appealing, please schedule time on my calendar so we can review the options together and address any questions you may have.

📺 Still learning?

Watch our "unboring" video on qualifying for LTC insurance or visit our website. That's me in the video.

Thanks,
Jesse

Jesse Vickey at Long Term What?
Schedule a call or 720-263-2188