If you ever wondered about long-term care insurance in California, look no further!
Right now the best Long-Term Care Insurance in California combines the benefits of long-term care insurance and life insurance into a single policy. This type of long-term care insurance is called Hybrid Long-term Care Insurance.
The benefits that are created by this combination product include:
- Long-term care coverage in the event you need long-term care services
- A death benefit in the event you never need long-term care services &
- A return of premium if you ever decide to cancel
In addition to these three great benefits, hybrid long-term care insurance premiums are also guaranteed! That means you never have to worry about an increase in premium once your policy is in-force.
Now not all hybrid long-term care insurance products are available in California. In addition, the available products are slightly different in design than they are in other states.
All of these differences are due in part to the state of California’s insurance regulations.
Nevertheless however, let’s go over three of the best options available in California. If your looking for great options for long-term care insurance in California, get your pen and paper ready now!
Best Long-Term Care Insurance In California
1. Nationwide CareMatters
Nationwide Insurance offers a product called “CareMatters” in California. It is one of my go to options for Californians considering long-term care insurance. It provides the benefits you should expect out of any hybrid long-term care insurance policy such as:
- Benefits to pay for long-term care services
- A valuable death benefit in the event you never need care
- A useful return of premium option if you ever change your mind
So what makes Nationwide CareMatters so special?
Well, Nationwide CareMatters is currently the only long-term care insurance product in California that offers a 100% cash indemnity benefit!
If you have any experience with long-term care insurance, you will notice that most companies pay benefits in reimbursments – you submit bills or receipts of your expenses and the company will reimburse you.
However, Nationwide CareMatters offers 100% cash benefits. There is no need to submit receipts or bills of services in order to receive benefits.
Nationwide pays all benefits directly to you and you can spend your cash benefits as you see fit!
This offers great flexibility and freedom in how you use your benefits!
This is a great option to have as it offers added peace of mind.
Once you are eligible to receive benefits, you never have to wonder if your long-term care expenses will be approved by the insurance company before you can receive your benefits.
Now another great thing about Nationwide CareMatters is the affordability!
Nationwide CareMatters offers really great rates for long-term care coverage with guaranteed premiums. That’s right, Nationwide long-term care insurance policy premiums are guaranteed and will never increase!
At the time of writing this post, a married 50 year old male can get reliable coverage from Nationwide starting at the low price of $138 a month – See Illustration!
On the other hand, a married 50 year old female can get dependable coverage starting as low as $144 a month – See Illustration!
That’s right, you can get solid long-term care insurance with guaranteed premiums, a death benefit (in case you never need care), and a return of premium option all for one low price per month!
If you know how costly long-term care insurance can be, then you know this is a steal!
Now, I don’t know how long these prices will last but if you are looking for coverage, do yourself a favor and give me a call today!
That being said, I definitely believe Nationwide CareMatters is definitely a contender for the best long-term care insurance for California residents!
Nationwide CareMatters Claims Process
Once again, Nationwide CareMatters offers a cash benefit payment. There is no need to submit bills or receipts.
In order to receive benefits, you must have a licensed healthcare practitioner certify that you are “chronically ill.”
One you are certified, you must complete the claims paperwork and satisfy the 90-day elimination or waiting period.
Once this is completed and your claim is approved, you will begin to receive your cash benefits!
The claims process is outlined in your policy once you are approved and your policy is issued.
Again give me a call today to get started!
2. OneAmerica Asset Care
Now its always a good practice to offer a 2nd and 3rd best option when offering any product or making a recommendation.
Therefore, here is a 2nd option that we can discuss for the best long-term care insurance in California – OneAmerica.
OneAmerica’s Asset Care product is another great option for long-term care insurance in California. Like all hybrid long-term care insurance policies, it provide benefits in three ways:
- It pays for long-term care services if you need care
- If care you don’t need care, the asset passes onto your heirs creating a legacy
- It offers to return a portion of your premium if you ever change your mind.
However, what makes OneAmerica’s Asset Care so unique is that it’s the only long-term care insurance that offers unlimited lifetime coverage!
With OneAmerica, you can secure long-term care insurance coverage that lasts your entire life and as long as you need long-term care!
This is a great feature if you are concerned about outliving your long-term care coverage!
Also, it is the only hybrid long-term care insurance in California that offers spouses a joint policy.
That means spouses can apply for joint coverage on a single policy AND both can receive unlimited lifetime benefits! How great is that!
Both parties would never outlive their long-term care coverage!
Now this amazing coverage is also quite affordable!
At the time of writing this post, a married 50 year old male and female can secure a joint policy today for as little as $246 per month – See illustration!
On top of that, premiums are guaranteed to never increase!
Imagine being able to get affordable long-term care insurance with guaranteed rates with coverage that you can never outlive!
The only downside to this product is that the benefits are reimbursement. That means you must submit bills and receipts of your long-term care expenses before the company will pay benefits.
While you may access to an unlimited benefit pool, it does not mean all your long-term care expenses will always be approved. If has to agree with the expenses that are allowed and outlined in your policy.
This is mainly the reason why I have OneAmerica as my 2nd option for the best long-term care insurance in California. However, this may not be an issue for some folks.
Therefore if you like what you are hearing about this product, don’t delay. These rates may not stay this low forever. Give me a call now!
OneAmerica Claims Process
Now OneAmerica Asset Care is a reimbursement policy. Therefore, you must submit bills or receipts of your long-term care expenses in order to receive benefits.
OneAmerica Asset Care also has a 30-day elimination period before you can receive benefits for home health care services. This is good as other companies require a 90-day elimination period.
Before you can receive benefits, you must have a licensed healthcare practitioner certify you are “chronically ill.”
Once that is done and you complete the claims process outlined in your policy, you will be eligible to receive long-term care reimbursement benefits.
All that in mind, OneAmerica Asset Care can make a great long-term care insurance option! Don’t delay and give me a call today!
Now let’s discuss the third best long-term care insurance option in California – Lincoln Financial.
3. Lincoln Financial MoneyGuard
My 3rd recommendation for the best long-term care insurance in California is from Lincoln Financial. Their long-term care insurance product is called “MoneyGuard“.
Now just like the other products, Lincoln Financial MoneyGuard II offers the standard hybrid long-term care insurance protection:
- LTC insurance in the event you need long-term care
- A death benefit in the event you never need care
- A return of premium option if you change your mind
Therefore, let’s discuss some of its features to see what sets it apart.
Lincoln Financial MoneyGuard II stands out in California due to its unique “No Elimination Period” benefit.
This benefit offers no elimination or waiting period for all eligible claims.
Therefore, you can begin to receive benefit payments from your first day of claims which is great! There is no need to wait 30 or 90 days in some cases to receive your first benefit from the insurance company.
However, keep in mind that this products offers reimbursement benefits. Therefore, you have to submit bill or receipts of your long-term care expenses before benefits are disbursed.
Another point to consider is that Lincoln Financial’s MoneyGuard is as affordable as Nationwide and OneAmerica’s products.
For example, a 50 year old married male can secure coverage beginning at $238 a month – See Illustration!
Likewise, a 50 year old married female can secure coverage beginning at $251 a month – See illustration!
One reason why Lincoln Financial appears to be more costly is due to their limited premium schedule.
Lincoln does not allow you to stretch your payment period to age 100 like Nationwide and OneAmerica.
That being said, the combination of this product offering reimbursement benefits as well as being less affordable than its competitors makes it a 3rd option for best long-term care insurance in California.
Nevertheless, Lincoln Financial MoneyGuard is definitely a product worth considering as an option.
If you would like to learn more about this or any of the previously mentioned recommendations, give me a call today!
Lincoln Financial MoneyGuard Claims Process
As stated earlier, Lincoln Financial MoneyGuard is a reimbursement policy. Therefore, benefits are paid based on your submission of bills or receipts of long-term care expenses you incurred.
Keep in mind Lincoln Financial MoneyGuard offers no elimination period for eligible claims. Therefore, you can receive benefits from the time you need long-term care services.
Once you are certified as chronically ill by a licensed health care practitioner, you can begin the claims process to receive your benefits as a soon as possible!
Conclusion – Get Yourself A Policy Today!
Long-term care insurance is not only a concern for Californians as they age but particularly for lawmakers in California state.
Right now lawmakers are working on a long-term care insurance program for Californian residents.
While nothing has been established as of yet, it likely won’t compare to getting your own individual coverage. This is especially true if we consider the new long-term care insurance program in Washington state.
Therefore, since we’ve outlined the best long-term care insurance in California, reach out and get your own individual policy today!
Just as a reminder, here is the best long-term care insurance in California in order again:
- Nationwide CareMatters – 100% Cash Benefit With Affordable Premiums
- OneAmerica AssetCare – An Unlimited Benefit Pool With Reimbursement Benefits
- Lincoln Financial MoneyGuard – A “No Elimination Period” Policy With Reimbursement Benefits
If you are looking for affordability along with flexibility, I would start with Nationwide CareMatters. If you are looking to never outlive your coverage, go with OneAmerica. Lastly, if all other options fail, Lincoln Financial still offers a quality product.
These products offer a guaranteed premium which is great. When you consider what has occurred with long-term care insurance plans such as CalPER’s program in California, guaranteed premiums are a necessity.
I have over 10 years experience as a licensed insurance producer. I have helped individuals secure long-term care insurance all across America and I have sold multiple policies for each company listed in this article.
Give me a call for your free personal quote at (800) 498-3955 or you can fill out the form below. I look forward to speaking with you! Thanks!