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Premium & Policy Guidelines

Tailor-Made Benefits from the Nation's Top Carriers
MAGA doesn’t believe in “on size fits all” coverage.  That’s why we work with the nation’s leading LTCI companies.  We want to make sure our clients have a program designed for their specific needs. We work closely with our clients to tailor plans based on age, health and budget.

Let MAGA help you plan a worry-free future with policies that offer:
•  Lifetime benefits available for facility, home care and assisted living
•  Guaranteed renewable for life
•  Return of premium option
•  Premium rate guarantee
•  Benefits for Alzheimer’s and dementia
•  Optional inflation protection
•  Waiver of premium
•  Tax-free benefits, paid directly to you
•  Group, spousal and good health discounts
•  Daily or monthly benefit payments
•  Various lengths of coverage
•  Several payment options

What Determines the Cost of a Policy?
A number of factors determine the cost of a policy such as:

Daily or Monthly Benefit: this is the benefit amount paid for care received at home, in a nursing home, or in an alternate care facility. The benefit may be expressed in terms of daily or monthly amounts. Most companies will offer a daily range of $50-500 per day in $10.00 increments and a monthly range of $1,500-$15,000 in $100 increments.

Length of Coverage: The daily benefit times the length of coverage gives you the lifetime dollar amount. (Most companies will offer a range of 2 years (730 days), 3 years (1,095), 4 years (1,460), 5 years (1,825) or Lifetime (unlimited). An example is a 2-year coverage at $100.00 per day. The lifetime maximum would be $73,000 to pay for care when needed.

Elimination Period: Synonymous with deductible period. The amount in days that must be satisfied before the benefits are paid. This is usually met once in the lifetime of a policy. Most companies offer a 0, 30, 90, 180, or 365 day elimination period.

Home Health Care Benefit: The maximum daily benefit for care received in one's own home. This should cover any level of care needed. Most companies offer a range of 50%, 75% or 100% of the daily facility benefit.

Inflation Protection:  Automatically increases the daily benefit each year on the anniversary of the policy. Designated to ensure the policy one acquires retains its value over the years. Many companies offer the inflation options of none, GPO, CPI, simple (5%) or compound (3%, 5%, 6%).

 

Ways To Save
There are a number of ways to save on premiums for Long Term Care Insurance.  They include:

Age of Applications: The younger you are when you apply, the lower the premiums for the life of the policy.

Health: The better the applicants health, the lower the premium.

Length of Coverage: By limiting coverage to a smaller number of years, the lower the premium.  A five-year policy is less expensive than a lifetime policy, for example.

Elimination Period: This is your personal deductible.  The longer the period of time before the LTCI policy starts paying benefits, the lower the premium.

All these ways to save involve certain trade-offs. By consulting MAGA Limited and carefully reviewing your own personal financial circumstances, you can select the best coverage for the lowest price. Also, terms and definitions differ from one company to another. Consult your advisor for more details.