Comparing Long Term Care Insurance Plans

The federal government has recently come out with its own Long Term Care (LTC) Insurance Group Plan. In this plan, military servicemembers and retirees, federal and postal employees and annuitants, and their qualified relatives are eligible for long term care insurance.

How does the federal LTC plan compare with Military Advantage's LTC program? See the chart below for a comparison.

Long Term Care Plan Highlights*

What This Means to You
Federal LTC Group Plan
Military Advantage LTC Plan
Facility Care Covered care services include nursing home, assisted living facility, hospice, respite care and Alzheimer's facility. Up to 100% of your maximum daily benefit amount for care in a nursing home, assisted living facility, hospice or respite care. Up to 100% of your benefit amount for care in a nursing home, assisted living facility, or Alzheimer's facility (available with some plans).
Home and Community Care Benefits The percentage of home care expenses paid by the policy. Limited to 75% of maximum daily benefit amount. Up to 100% of maximum daily benefit amount.
Benefit Periods You select a specific time period to receive benefits. Used to determine the maximum dollar available for your coverage. 3 years, 5 years or lifetime. Choices range from 2 years to 12 years (depending on which plan you choose). An unlimited benefit period is also available in many states.
Daily Maximums The maximum dollar amount allowed per day. Choices range from $50 to $300. Choices range from $30-$500 (depending on the plan you select).
Discounts Save money on your premiums with discounts for your spouse, couples, health status, etc. None Various discount levels and types ranging from 10% to 25% are available. (You could be eligible for more than one discount.)
Survivorship Benefit Your surviving spouse's plan premiums are waived after both you and your spouse have had your plans in force for a specific period of time and other criteria are met. None Available as a rider on some plans.
Inflation Protection An option that increases your benefit levels each year to account for inflation. Your only Inflation Protection is Compound Inflation Protection or a Future Purchase Option. Your choices include: simple inflation protection, compound inflation protection, or no inflation protection.
Elimination Period The number of days you wait before your long term care benefits begin. You choose this period when purchasing your plan. Only two choices are available: 30 days or 90 days. Choices range from as few as 20 days to as many as 730 days (depending on the plan you choose).

*Policies or provisions may vary or be unavailable in some states. Policies have exclusions and limitations which may affect benefits available.