LifeSecure is a wholly owned subsidiary of Blue Cross Blue Shield of Michigan, the largest BCBS organization in the United States, founded in 2006. Their reputation for outstanding customer service and product quality is well-known. 

LifeSecure discontinued the sale of individual Long-Term Care Insurance in 2016. However, those policies are still in force. The insurance company can never cancel those policies unless the policyholder fails to pay the premium.

Employee Benefit LTC Plan

Today LifeSecure offers employer-sponsored Long-Term Care Insurance. While the product offers only a few benefit choices, it provides comprehensive coverage, partnership certification, and, in some cases, relaxed underwriting standards in an employer setting.

Their current product is designed to be an employee benefit at the workplace with reduced underwriting. It also offers fewer choices with limited benefits. 

In most cases, this product is offered as a voluntary benefit paid for by the employee. Some employers may pay a portion of the premium. However, like all Long-Term Care Insurance policies, the policy is guaranteed renewable for life. What this means is the policy is portable. So, if an employee were to leave their job, they can maintain their coverage. The policy may never be canceled unless you fail to pay the premium.

It is not an inexpensive product. Unless the employer is paying a portion of the premium or you have health issues that would make it more challenging to purchase individual coverage, be sure to have a qualified Long-Term Care Insurance specialist review other options. 

LifeSecure LTC Benefit Options:

You only can choose from the following monthly benefit and pool of money options:

• $50,000 initial pool of money with $1000 a month

• $100,000 initial pool of money with $2000 a month

• $200,000 initial pool of money with $4000 a month

• $300,000 initial pool of money with $6000 a month

You can select from several inflation benefits:

• 1% compounded

• 3% compounded

• 5% compounded

• no inflation

(remember, partnership rules require inflation benefits at most ages)

The policy does cover all areas and types of care, including home care, adult day care facilities, assisted living facilities, memory care, and nursing home care.

It also features a "cash alternative," which allows the covered individual to receive 30% of what is usually permitted in cash at the time of claim.

It has a 90-day elimination period. These 90 days are waived if you require care suddenly due to an accidental injury or stroke.

Older LifeSecure Features and Benefits

If you have an individual plan from LifeSecure that was issued before the company discontinued the product's sale, your benefits are still good, and your policy cannot be canceled unless you fail to pay the premium.

The policies were comprehensive and included the following:

• Benefit account between $100,000 and $1,000,000, available in one-dollar increments.

• Monthly benefit equal to 1, 2, or 3% from the benefit account

• inflation benefits of 3 or 5% compounded

• guaranteed purchase option

• shared spousal benefits

• case management

• 90-day calendar day elimination period

• flexible benefit that allows unused benefits for a variety of options

Claims

If you own a LifeSecure Long-Term Care Insurance policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. 

Since most agents have little or no experience in this area, this assistance can benefit the entire family - Filing a Long-Term Care Insurance Claim.

Things to Consider When Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, remember that numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. 

Every insurance company must file their products and pricing, along with actuarial data supporting their pricing, with the state's insurance department before marketing the product in that state.

You can use all the tools and resources available on LTC NEWS to help you with your research - Resources for Long-Term Care Planning.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

How Much Does Long-Term Care Insurance Cost?

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has underwriting rules that determine insurability and rate class. Remember, LifeSecure has relaxed underwriting rules than products sold outside an employer group.

An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare each policy's features, benefits, and costs. You can find a trusted and qualified specialist representing the major insurance companies offering these products - Work With a Specialist.

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Insurance specialist will ask several questions about your health to provide accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company rather than another.

LTC Insurance is Custom Designed

When shopping for an LTC policy, remember Long-Term Care Insurance is custom designed; you design the plan to fit your specific needs, concerns, and budget. 

A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

• Safeguard income and savings

• Protect the lifestyle of your spouse/partner

• Provide options for quality care

• Reduce the stress and burdens otherwise placed on family members

• Give your adult children time to be family

• Provide a legacy for loved ones

State variations may apply.