Prudential Insurance Company has many top notch long term care insurance products and is one of the largest long term care insurance companies in the United States. Here are some quick facts and figures about Prudential and its long term care insurance lineup:
• The Prudential Insurance Company offers long term care insurance benefits in all 50 states and the District of Columbia.
• Prudential’s signature product is the LTC3™ policy (availability varies by state).
• Prudential has helped many Americans achieve financial security with its insurance products since 1875.
• Prudential trades on the NYSE with the ticker symbol of “PRU”.
• Prudential Financial is ranked no. 66 on the 2007 Fortune 500 list of America’s Largest Corporations.
• Rated “A+” by A.M. Best for financial strength.
In 2005 the Government launched a campaign called “Own your Future” which advocated investing in long term insurance. In response, Prudential Insurance Company offers long term health care insurance to those individuals who want to “own their future” So, with all the talk about long term health insurance, what is it and who needs it?
What is Prudential Long Term Care Health Insurance? When Do I Need LTC Insurance?
According to Prudential, long term health care insurance can be grouped into two main categories: facility care and home care. Facility care centers on nursing homes, assisted living facilities, hospice, respite, and bed reservation. Home care provides for personal home care, adult daycare and homemaker services. Depending on what you are looking for will determine what route you take in choosing your plan. In either case, long term health care insurance will provide for you later on in life, when you don’t want to be a burden to your heirs.
Long term care insurance can also help you protect your assets and cause you to be financially independent. It also helps pick up the slack that Medicare and Medicaid leave behind (Did you know that Medicare and Medicaid combined will pay less than 5% of all long term care costs?).
While long term health care is predominantly only thought of as you get older, it is often a good idea to purchase your long term policy while you are still working. The AARP states that best time to purchase a long term health plan is when you are middle aged. The reasoning behind this is that if you purchase long term health care when you are younger the premiums are significantly lower and you are more likely to be eligible for the program before health problems exclude you. Many experts advise beginning your search for long term care insurance when you hit your 40th birthday.
What are some of the Available Benefits in Prudential’s Long Term Care Insurance?
Prudential offers a wide variety of services to those interested in long term care health insurance. Many of the benefits are already built into Prudential’s signature long term plan, LTC3™, but other benefits are optional and may require additional funding.
Listed below are some of the basic benefits that purchasers of the LTC3™ would receive.
1) Home Care Daily Benefits – this is the amount of money your policy will pay out each day. Prudential offers daily benefit payouts in $50, $75, $100 and $150 increments.
2) Lifetime Maximum Benefit Period – this is the amount of years that your policy will cover you for. Prudential offers benefit periods in the amount of 2, 3,4,5,6 and 10 years. They also offer a lifetime period.
3) Inflation Protection – Prudential offers 5 different options for protecting your policy from rising costs of inflation.
4) Elimination Period/ Benefit Waiting – the elimination period can be thought of as your deductible or the amount of time that you are responsible to pay for before your other benefits kick in. Prudential elimination periods run anywhere from zero days to 365 days. Keep in mind, however, that the longer the elimination period the lower your premium will be, and vice versa. Also, depending on the state you live in certain elimination periods may not be available to you.
5) Facility Daily Benefit – this is the daily amount of money Prudential will pay towards the facility you stay in. Amounts are between $50-$5000 in $10 dollar increments.
6) Home Support Services Benefit – a lifetime benefit of 50x your chosen facility and daily benefits to help cover items that will help you remain at home.
7) Care Management – A service offered by Prudential that provides assistance in claiming and accessing benefits .
In addition to these benefits, the LTC3™ plan is a comprehensive, tax-qualified plan that provides Alzheimer’s coverage, a 30 day free look, and guaranteed renewable coverage. Some of the additional benefits that may be offered with the LTC3™ include (availability varies by state):
|
Partner Discount |
10-pay option |
|
Paid up to age 65 |
Premium reduction at age 65 |
|
Guaranteed purchase option (GPO) |
5% compound inflation 2X max |
|
Monthly benefit option |
Cash benefit option |
|
Flexible cash benefit option |
Joint waiver of premiums |
|
Survivor waiver of premiums |
Return of premium upon death |
|
Shared care |
Home care daily benefit
|
|
Private care consultant benefit |
Calendar day elimination period |
|
Cash alternative benefit |
International coverage |
How Much Does Prudential Long Term Care Insurance Cost?
The cost of Prudential’s long term insurance varies depending on how old you are when you purchase the policy. The best time to purchase is when you are younger (middle aged or around the age of 40) when your premium is lower. The cost also varies depending on the options you purchase within your package. Compare personalized rate quotes from multiple long term care insurance companies side by side to find the best rate. Put your home zip code into our free insurance quote finder at the top of the page now to save some time and money!
Is Prudential Financial Long Term Care Insurance Right for Me?
Prudential Financial is a well respected insurance company and has very strong financial strength ratings. The important thing is to seek advice from a qualified professional such as an independent insurance agent, CPA, CFP®, or estate planning attorney. You will want to compare quotes and policies from at least 3 different long term care insurance companies to find the best value.
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Long term care health insurance is a good option for anyone looking to protect their assets and provide for themselves as they get older. It is important, however, to make sure you can afford to pay the premiums on your long term insurance policy as you get older.
As a seller of long term care insurance the Prudential insurance company is a well established company that provides comprehensive coverage with many different benefits available to the purchaser.
Get a free long term care health insurance quote comparison now!