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Michael W. Smith Agency

Revised:

May 06, 2015

Long-Term Care

 763-535-7293

 

 

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Information

 

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Minnesota Partnership LTC plans are here!

The Long Term Care insurance market is more active than ever.  Protect your assets with the new Minnesota Partnership Plans.

It seems everyone is offering "Great Product Benefits" and "Superior Underwriting".  The problem is, none of these things help you make an informed choice about the products and benefits best suited for your unique needs.

One of our most requested services, whether it's auto, homeowners or long-term care insurance, is our competitive quote analysis.  Based on your input (please complete the quote request form below), we will quote up to 5 companies side-by-side that meet your criteria.

Long Term Care Quote Request Form

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This is a request for a Minnesota Partnership Plan Long Term Care insurance quote, not a policy application.  Submitting this form does not obligate you to purchase any Long-Term Care insurance products.  Please complete this form as accurately as possible.  Long-Term Care insurance rates are subject to change.
Name
Street
City, State ZIP   
E-mail
Phone
Fax:

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If you another person live in the same household and apply for joint coverage, the younger person can receive up to a 50% premium discount.
First Proposed Insured Information
First Proposed Name Birthdate Tobacco Use
Height Weight Still Driving
Yes No
Prescription Medication
Name(s), dosage, frequency, and reason for use.
Hospitalized in the last 5 year? Yes No
If yes, give date(s) and reason(s).
Joint Proposed Insured Information
Joint Proposed Name Birthdate Tobacco Use
Height Weight Still Driving
Yes No
Prescription Medication
Name(s), dosage, frequency, and reason for use.
Hospitalized in the last 5 year? Yes No
If yes, give date(s) and reason(s).

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Benefits Selection

Nursing Facility Stay Benefit - When you stay in a qualified Nursing Facility the policy will pay 100% of your actual expenses up to the daily benefit you choose.

Nursing Facility Stay - Daily Benefit

(100- 1000)

Nursing Facility Stay - Benefit Period

Assisted Living Facility Stay - When you stay in an Assisted Living Facility, policy will pay 100% or 50% (whichever percentage you selected) of your daily benefit for a Nursing Facility Stay.

Assisted Living Facility Stay

Elimination Periods - You choose when the policy begins paying you benefits.  If you choose 0-days, you will receive benefits starting on the very first day you receive covered care.  Or, you may choose a different elimination period and collect benefits after 20, 30, 90, 180 or 365-days of receiving covered care.

Elimination Period

Payment OptionsLifetime - Premiums are payable for the lifetime of the insured(s). (Note: Waiver of Premium is automatically included and your premiums will be waived after you have been confined in a Nursing or Assisted Living Facility for more than 90 days.  For joint coverage, premiums for both insureds will be waived if either insured is confined for more than 90 days.)  10-Year Premium Payment Option - After paying premiums for ten years, your policy is paid up for life and can never be cancelled.  Single Premium Payment Option - Pay one lump-sum premium and pay no more premiums.  You are protected from rate changes and your policy can never be cancelled.

Payment Options

Optional Benefits

Home and Community Services - Home Care - will pay 100% of your actual expenses, up to your daily Home & Community Services Benefit, for care received from a nursing care professional, or services from a therapist, home health aide or for homemaker services.  Adult Day Care - will pay 100% of your actual expenses, up to your daily Home & Community Services Benefit, for care received from a licensed adult day care center.  Hospice Care - will pay you 100% of your actual expenses, up to your daily Home & Community Services Benefit.  (Note:  Period selected must be equal or less than the Nursing Facility Stay Period.)

Home and Community Services

Inflation Protection

The Inflation Protection requirement for the Long Term Care Policy to qualify for the Partnership Plan is that at the time the insurance is effective:
1.  If you're under 61 then Compound Inflation is required.
2.  If you're 61 but not 76 Simple interest is required.
3.  If you're 76 and over then no inflation protection is required.

Compound Inflation Protection - this rider increases your benefit by 5% per year, compounded annually for the life of the policy.  Benefits will continue to increase even while you're on a claim.  Simple Inflation Protection - this rider increases your benefit by 5% per year, except the interest is not compounded.  Benefits will continue to increase even while you're on a claim.

Inflation Protection

Indemnity Benefit Options - Indemnity Benefit Option - This option converts all benefits from reimbursement to indemnity.  Regardless of actual charges you incur, the policy will pay the full daily benefit amount you choose.  Caregiver Indemnity Benefit Option - This option allows any Home and Community Services Benefits to be payable regardless of who provides the care, such as family member, friend or other non-professional.  This option also converts all benefits from reimbursement to indemnity.

Indemnity Benefit Option

Nonforfeiture Benefits - Full Nonforfeiture Benefit Option - This option returns all the premiums paid to your beneficiary upon your death (or the second to die with joint coverage).  For in force policies, the rider provides a death benefit equal to the total of premiums paid, regardless of any claims paid.  If the policy lapses due to non-payment of premiums, this benefit continues coverage until the total of benefits paid equals the total of premiums paid.  Upon death, any premiums remaining not already paid in benefits, will be paid to your beneficiary.  Shortened Benefit Period Nonforfeiture Benefit Option - This option provides extended benefits if your policy lapses after three years.  Your benefit is equal to the total premiums paid, but is never less than 30 times your daily benefit amount at the time your policy lapses.

Nonforfeiture Benefits

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Additional Comments

 

 

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Number of hits since August 15, 1998

 

 

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