Long Term CareInsurance Comparison Guide.pdfVIP

1 Long Term Care Insurance Comparison Guide MMAP, Inc. Michigan Medicare/Medicaid Assistance Program Navigating Medicare 2 MMAP 1-800-803-7174 Copyright ? 2005 Published by MMAP, Inc. MMAP is partially funded by the Michigan Office of Services to the Aging (OSA) and the Centers for Medicare and Medicaid Services (CMS). MMAP, Inc. Michigan Medicare/Medicaid Assistance Program Navigating Medicare 3 Table of Contents About this book ………………………………………………………………4 About MMAP…………………………………………………………………..5 What is long term care?6 How much does long term care cost?7 Who pays for long term care?7 Should I buy long term care insurance?9 What kinds of policies are available? ………………………………..…10 What is a Federally Tax-Qualified long term care insurance policy?11 How do policies work?13 Insurance shopping tips for consumers…………………………….…21 About the Long Term Care Insurance comparison chart…………..25 Long Term Care Insurance Comparison Chart……………………26 Long Term Care Insurance Comparison Worksheet28 Glossary of Terms31 4 MMAP 1-800-803-7174 About this booklet MMAP, Inc. developed this workbook with you in mind. This work- book will help you figure out your long term care needs, compare the various long term care insurance policies, help you understand what to look for when shopping for long term care insurance and determine which, if any, policy is the best for you. Most people do everything they can to protect themselves and their families from financial worry and hardship. They buy homeowners insurance to protect against natural disasters. They buy life insur- ance to protect their family in case of a tragedy. But too many peo- ple fail to realize that it’s just as important to protect against the financial strain that can arise when a family member needs long- term care. Often, long-term care seems like a far away idea — particularly when there are more immediate needs like college tuition, retirement go