Discounts on Long-Term Care Insurance now available to physicians

April 15, 2014

According to the Cost of Care Survey 2013 by Genworth Financial, Inc., costs for nursing home care and assisted living facilities have increased dramatically in the past five years.

As those costs continue to rise, many Long-Term Care (LTC) carriers either have exited the market or have dramatically raised their premiums. In addition, the carriers that remain in the long-term care insurance market have become more selective in their approval processes, making it more difficult and expensive for those with health issues to purchase this coverage.

Against this backdrop, AMA Insurance recently announced changes to its LTC program designed for physicians. For example, the addition of a new multi-life platform provides access to better discounts and, in some instances, certain underwriting concessions that make it easier to qualify for coverage.

Mike Hegwood, Assistant Vice President, Brokerage Marketing, AMA Insurance said, “As the long-term care market has evolved, we have continued looking for ways to make our program a better value for physicians. It now includes an array of resources, tools and funding options to effectively address nearly all of their long-term care needs.”

The AMA Insurance program provides important benefit options, including:

  • Up to 30% discounts for eligible physicians and their families
  • Rate guarantees
  • Options that allow sharing of benefits
  • Tax-advantaged options for the practice
  • Policies can return funds not used for long-term care

One notable program change is the addition of hybrid, or linked-benefit, products that combine the benefits of life insurance and long-term care insurance. While each policy has its own provisions, the idea is that if the money isn’t needed to help pay long-term care costs, it can be passed along to the insured’s beneficiary in the form of a death benefit. And some policies allow the policyholder to access cash that can be used in retirement, in the event the funds aren’t needed to cover long-term care costs.

“The program is offered through Millennium Brokerage Group, LLC, and other financial professionals approved to participate in our Physicians Financial Partners program,” Hegwood said. “Physicians have access to financial professionals to discuss their long-term care planning needs – and to help determine what coverage might be right for them.”

For more information, call 855-210-4015

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