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Schmalberg Associates
A Value-Added Broker: Long-Term Care, Disability Income, Life Insurance & Annuities We Appreciate Your Business and Always Work Hard for You!
Call Today! (718)467- 3860 Fax: (718)467- 3864 |
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LTC Policy Issuance Process
Review Questions of Insurability to become aware of some of the health conditions that may jeopardize the ability to purchase standard long-term care insurance policies.
Assess the risk of needing long-term care. Consider not only yourself and your spouse, but anyone else that would necessitate you shouldering the financial burden in the event they required long-term care. Examples of such people are parents, close family members and business partners.
Do the math. a) Estimate per person how much sustained long-term care would cost. b) Determine what impact these costs will have on your financial assets and resources—including the impact of converting fixed commodities into liquid assets while under duress. c) Evaluate the maximum expenditure in premiums that could be financially warranted to protect the potential loss in assets. d) The C-Corporation is able to deduct one hundred percent of the premiums the corporation pays out and the corporation can decide who gets coverage. This allows employees, including those which are officers and/or stockholders, to exclude the premiums from their taxable income and receive long-term care claim benefits generally tax-free. The employee's spouse, dependent parents and dependent in-laws can be extended coverage as well. Also since 2003, new tax advantages became available for the self-employed, S-Corporations and partnerships. Consult your financial advisor.
Review the LTC Consumer Concerns page. You will be glad you did.
For single life, spousal plans or company pay plans, fill out our on-line LTC quote request form. Multi-life discounts are available. Call us for any assistance at (718) 467-3860 or contact us at our eHelpdesk. Our value-added services are included when you select us as your broker. After reviewing your requirements, we will send you personalized illustrations that best fit your situation showing various payment options. All client data is kept in the strictest confidence.
Choose a plan to protect your assets, assure care in the setting of your choice and guarantee your comfort. As a broker, we represent several leading insurance carriers that offer a variety of plans capable of meeting each client's budget and financial planning strategy.
In addition, we have the credentials to offer State Partnership program plans. When a policy is purchased under the State Partnership program, after the policy benefits are used according to the conditions of the program, the insured may apply for State Medicaid Extended coverage and still retain all personal assets. The usual three-year look back for assets and the five-year look back for trusts for the purposes of Medicaid eligibility are waived under the Partnership program. Under this program, it is no longer necessary to sign over one's life's savings and assets to qualify. Call for details.
Complete the application for LTC coverage, submit the minimum agreed upon premium deposit and receive a Conditional Premium Receipt. We will assist you. Any changes to the applicant’s health after the date of this receipt will not affect the underwriting decision. This protects our clients during the underwriting process and limits their exposure. We urge all applicants to submit the premium deposit with the application and receive a Conditional Premium Receipt.
The applicant should be aware that during the underwriting process the carrier may require some or all of the steps listed below. If required, they will be at no cost to the applicant and only performed with the applicant's authorization. We have an up-to-date, in-depth knowledge of the underwriting guidelines and can advise our clients whether or not these steps will be required. In addition to the carrier and product design, the applicant's age, medical history and date of last physical are important factors that the underwriter takes into consideration.
Allow 60 days for the carrier to complete the underwriting process and issue the policy. We will deliver or send the policy to you.
You receive the policy. Congratulations! You made an important decision to protect your assets and guarantee your comfort. Most states provide a 10-day free look period which gives policy owners the right to return the policy for a full refund. The free look period begins on the date that the policy owner receives the policy document, not the date the application is signed or the date the policy is issued. However, the truth of the matter is, you have worked hard all your lives. You deserve to protect your assets, to assure yourselves of comfort and deserve the peace of mind that comes with owning such a policy.
All long-term care plans we recommend are guaranteed renewable. This means that as long as the premiums are paid on time, the insurance carrier must renew the policy annually and cannot individually target any policy for a rate increase—even if the insured's health status changes. Premiums will stay level for the life of the policy and can change only if the state insurance commissioner approves the change for an entire risk class of insureds who have policies in that state.
To get started call us at (718)467-3860 or go to our LTC quote request form. |
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Notice: All information on this site is subject to change without notice.
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