Absolutely. If you’re looking to expand your coverage, you will need to be approved again which will require another process of medical underwriting. Once this is completed, your new information will be used to determine your updated premium. If you choose to reduce your benefits, you will not need to undergo medical underwriting again.

When calculating a premium many factors are considered. These include your age and health at the time of application, and your benefit choices. Benefit choices include how much your benefit amount is, your benefit period, and your elimination period. Medical underwriting is the process in which your application is examined, then your premium is determined.

Yes! Any policies that are tax-qualified do have some tax advantages. If you itemize and your total expenses are over 7.5% of your adjusted gross income. In addition, benefit payments are insusceptible to federal taxation and even state taxation in some states. Finally, if your employer provides contributions for LTC premiums they may be 100% tax deductible.

Financial planning has been crucial for you to achieve this goal. Since Long Term Care can be extremely expensive (between $60,000 and $100,000 every year) using some of the interests acquired from your assets for Long Term Care coverage could be a great way to continue planning for your future! The price of Long Term Care continues to rise but National Educational Services is here to help you find the policy that fits your needs.