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Getting Long-Term Care Insurance

 
Elliot Matloff
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  • How do I get long-term care insurance?
  • If I have pre-existing health problems, can I get long-term care insurance?
  • Can I buy a long-term care insurance policy for someone else?
  • How does a change in my family status affect my long-term case insurance?
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Health and Life Insurance
Getting Long-Term Care Insurance (Now Playing)
  1. Elliot Matloff
 Using Long-Term Care Insurance 
  1. Elliot Matloff
  2. Are premiums guaranteed to remain level for the rest of my life? 
  3. Are long-term care benefits taxable? 
  4. How do I make a long-term care insurance claim? 
  5. What do I do if my long-term care insurance claim is denied? 
 Using Disability Insurance 
  1. Elliot Matloff
  2. How do I make a disability claim? 
  3. What does an insurance company consider disabled? 
 Getting Disability Insurance 
  1. Elliot Matloff
  2. How do I get disability insurance? 
  3. Is it difficult to get disability insurance? 
  4. What does it mean to be insured in my occupation? 
  5. How are disability premiums determined? 
  6. Why does a disability insurer want to see my tax returns? 
  7. How does a change in my family status affect my disability insurance? 
 Disability Insurance Basics 
  1. Elliot Matloff
  2. What is "disability insurance"? 
  3. Do I need disability insurance? 
  4. When should I consider buying disability insurance? 
  5. How do I determine how much disability insurance I need? 
  6. What are the basic types of disability insurance? 
  7. What is a "residual claim"? 
  8. What does "renewability" mean, and how does it affect me? 
  9. What is "presumptive disability insurance"? 
  10. What is a "cost-of-living rider"? 
  11. What is the "CPI" or "Consumer Price Index"? 
  12. What is a "benefit period"? 
  13. What is an "elimination" or "waiting period"? 
 Long-Term Care Insurance Basics 
  1. Elliot Matloff
  2. What is "long-term care insurance", and how does it work? 
  3. Do I need long-term care insurance? 
  4. When should I buy long-term care insurance? 
  5. How do I qualify for long-term care benefits? 
  6. How do I determine how much long-term care coverage I need? 
  7. How are policy sizes determined for long-term care insurance? 
  8. What is the difference between "skilled care", "intermediate care" and "custodial care"? 
  9. What is an "RN" and an "LVN", and what is the difference between them? 
  10. If I need long-term care, why can't a family member take care of me? 
  11. Isn't long-term care covered under Medicare? 
  12. How does the cost-of-living rider work? 
 An Introduction To Insurance 
  1. Elliot Matloff
  2. What is "insurance"? 
  3. What types of insurance are there? 
  4. Why do I need insurance? 
  5. How much insurance do I need? 
 Getting Insurance 
  1. Elliot Matloff
  2. What is the best way to get insurance? 
  3. What are the pros and cons of buying insurance directly from the insurance company? 
  4. How do I evaluate an insurance company? 
  5. What is a "claims ratio"? 
  6. What is the difference between an "insurance broker" and an "agent" and what can they do for me? 
  7. How do I choose an insurance broker or agent? 
  8. What can a broker or agent do for me after I buy insurance? 
  9. What do I do if I have a problem with my agent or broker? 
  10. Is it more expensive to buy insurance from a broker or agent than directly from the insurance company? 
  11. Is price all that matters when I'm buying insurance? 
  12. Are there any kinds of insurance that I should avoid? 
 Basic Insurance Terms 
  1. Elliot Matloff
  2. What is an "underwriter"? 
  3. What does "risk" mean in the context of insurance? 
  4. What is a "deductible"? 
  5. What is a "claim"? 
  6. What is "coverage"? 
  7. What is a "premium"? 
  8. What is a "policy"? 
  9. What does "indemnify" mean? 
 Health Insurance Basics 
  1. Elliot Matloff
  2. What is "health insurance"? 
  3. What is the difference between an "HMO", a "PPO" and a "POS"? 
  4. What is an "indemnity plan"? 
  5. What are the advantages and disadvantages of an HMO? 
  6. What are the advantages and disadvantages of a PPO? 
 Life Insurance Basics 
  1. Elliot Matloff
  2. What is "life insurance"? 
  3. Do I need life insurance? 
  4. How do I get life insurance? 
  5. What is "term life insurance"? 
  6. What is "whole life insurance"? 
  7. What is "universal life insurance"? 
  8. How do I choose what type of life insurance is best for me? 
  9. What is "variable life insurance", and what are its advantages and disadvantages? 
  10. I'm 25 years old. What kind of life insurance do I need and why? 
  11. I'm 40 years old. What kind of life insurance do I need and why? 
  12. I'm 65 years old. What kind of life insurance do I need and why? 
  13. What is "business life insurance"? 
 Getting Life Insurance 
  1. Elliot Matloff
  2. What kinds of questions should I ask when evaluating life insurance options? 
  3. What does it mean to be "rated" when buying life insurance? 
  4. Can I contest my life insurance rating? 
  5. What are the designations of "preferred", and what do they mean? 
  6. What is a "table rating"? 
  7. Is my table rating locked in forever or can it change? 
  8. How does smoking affect life insurance rates? 
  9. How does my weight affect life insurance rates? 
  10. How does getting married or having children affect my life insurance? 
  11. How does getting divorced affect my life insurance? 
 Understanding Life Insurance 
  1. Elliot Matloff
  2. What is a "death benefit"? 
  3. What is an "accidental death benefit"? 
  4. What is a "rider"? 
  5. What does "double indemnity" mean? 
  6. What is a "beneficiary", and how does it differ from a "contingent beneficiary"? 
  7. What should I consider when choosing a beneficiary or contingent beneficiary? 
  8. What does "cash surrender value" mean? 
  9. Why do universal and whole life insurance have cash value but term life insurance does not? 
  10. What is "convertible term insurance"? 
  11. What is a "dividend"? 
  12. What happens if I don't make my premium payments? 
  13. Do I need a medical exam to get life insurance? 
  14. How do I make a life insurance claim and how is it processed? 
  15. In what circumstances can a life insurance policy claim be denied? 
  16. Does suicide nullify a life insurance policy? 
 Using Health Insurance 
  1. Elliot Matloff
  2. How do I file a health insurance claim? 
  3. What do I do if my claim is rejected or partially rejected? 
  4. What is a "medical log", and should I keep one? 
  5. What do I do if my health insurance company drops me? 
  6. What do I do if my doctor recommends a medication or treatment that my health insurance company does not cover? 
  7. What are my recourses if I feel that my health insurance company is treating me unfairly? 
  8. Will my health insurance cover me if I go to the doctor or a hospital in another country? 
 Getting Health Insurance 
  1. Elliot Matloff
  2. How do I get health insurance? 
  3. What type of health insurance might I get from my employer? 
  4. What types of health insurance can I get if I am self-employed? 
  5. What are my options if my company doesn't offer health insurance? 
  6. What is a "group insurance plan", and how does it differ from an "individual plan"? 
  7. What if I can't afford health insurance? 
  8. How does getting married or divorced affect my health insurance? 
  9. How does having children affect my health insurance? 
 Health Insurance Terms 
  1. Elliot Matloff
  2. What is "COBRA"? 
  3. What is a "co-payment"? 
  4. What is "co-insurance"? 
  5. What does "out-of-pocket" mean? 
  6. What does "lifetime maximum" mean? 
  7. What are "exclusions"? 
  8. What is a "waiting period"? 
  9. What does "coordination of benefits" mean? 
  10. What is a "grace period"? 
  11. What is a "pre-existing condition"? 
 Health Insurance Options 
  1. Elliot Matloff
  2. What types of pre-existing conditions may prevent me from getting health insurance? 
  3. What might prevent me from being approved for health insurance? 
  4. What do I do if I am not approved for health insurance? 
  5. What is the "HIPAA Law", or the "Health Insurance Portability and Accountability Act"? 
  6. What is the "State High Risk Health Insurance Pool"? 
  7. Is there a middle ground between easily insurable and uninsurable? 
  8. What is an "HSA" or "Health Savings Account"? 
  9. What is "Medicare"? 
  10. What is a "Medicare supplemental health insurance policy", and do I need one? 
  11. What is "Medicaid"? 
  12. What is "short-term health insurance coverage", and when would I use it? 
  13. What is a "discount medical card"? 
  14. What is "prescription drug insurance"? 
Elliot Matloff Mr. Elliot Matloff
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Transcript

Getting Long-Term Care Insurance

How do I get long-term care insurance?

You have to apply for long-term care insurance. Long-term care insurance is one type of insurance that has to be done through an agent. The federal government is really very concerned that seniors (who typically are the ones that are going to be covered under these policies) are protected. They want someone who's licensed to go meet with that person, so when I do meet with the person, I ask them several questions; we do an interview and we talk about all kinds of things. When the client ultimately decides that they want to buy the insurance we fill out an application. Typically there's no medical exam required for qualifying for long-term insurance, but if the person is over age seventy the insurance company often will send a personal interviewer to the person's house, and they'll ask questions like, "Use the word 'balloon' in a sentence." The person will say "the balloon is on my table." Then they'll say, "Make it a little more exciting," and they'll say, "Well, the yellow balloon flew off my table and went up into the air." The interviewer will say, "That's a very good sentence. I'm going to ask you about that sentence in a few minutes after I ask you several questions. I want to see if you remember the colour of the balloon and what you just said." They'll ask you questions like to count 2, 4, 6, and then 8. They'll ask you all kinds of questions about your health. Then they'll come back to that question: "A minute ago, I was talking to you and I asked you questions about something and you made a sentence. Do you remember what it was?" If you forget, you're not going to qualify for long-term care insurance. So, as people get older, the insurance companies are really careful about who qualifies for this insurance because they know that some people look good on the outside but they're not so good on the inside.

If I have pre-existing health problems, can I get long-term care insurance?

Can I buy a long-term care insurance policy for someone else?

Someone can pay the premiums on someone else's insurance policy, but ultimately the person who is being insured has to sign the application, answer all the medical questions, and qualify for the insurance. Then, if you are a fortunate individual to have a son or daughter or someone else in your family who wants you covered and they are willing to pay the premium and its an absolute essential thing, why not do it? In many circumstances, businesses pay for the premiums for long term care insurance. It's a very popular perk. As an example, I had a CPA firm recently, they have about 1 CPAs and another 6 or 7 office staff, the owner of the CPA firm said that he wants long term insurance on all his partners and his employees and we put in a group plan. The employer is paying 1% of the premium of the insurance. It's a perk to retain the employee that stay at the company and it's also something to attract new employees to the company.

How does a change in my family status affect my long-term case insurance?

The change in family status does not normally change anything about your long-term care insurance with the exception of: When a husband and wife both apply for a long-term care insurance policy at the same time, the insurance company is so happy that they'll usually give both of them a 25 percent discount on the premium. Many times the insurance company will say, "This is the premium for one of you alone, but if both of you apply, we'll give you a 25 percent discount." The insurance companies give a discount because they're getting two people in one sitting, they're underwriting two people, they're getting more business. It's an efficient way of marketing; they figure they might as well pass on the savings to the client.

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  • How do I get long-term care insurance?
  • If I have pre-existing health problems, can I get long-term care insurance?
  • Can I buy a long-term care insurance policy for someone else?
  • How does a change in my family status affect my long-term case insurance?

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