Together Let’s Ensure Your Care is Covered

Protecting Assets While Maintaining Independence

Long-term Care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them. If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage, or coverage at a higher “non-standard” rate. The cost of a long-term care policy is based on age, daily payout, number of days covered and any optional benefits, such as inflation protection.


With a traditional policy, you elect your benefits at the outset: monthly benefit, benefit period, inflation protection and waiting period. You are able to design the policy to account not only for your current needs but also to account for future inflation. Premiums are typically paid on a monthly, quarterly, semi-annual or annual basis. This “pay-as-you-go” approach keeps the premium affordable and attainable. As long as you pay your premium, you will have coverage in-force. Your premium may be subject to a rate increase so it is important to understand the financial rating and rate history of the company you select for your traditional long term care policy.


A hybrid long-term care policy combines the benefits of life insurance with long term care insurance. If it turns out long-term care is not needed, the policy works much like a traditional life insurance policy, with a death benefit paid to a beneficiary. Hybrid policies will pay for your costs should you need care and provide your estate a tax-free life insurance benefit should you not need care. Hybrid policies are often funded with a one-time single premium or installment payments over a set number of years. Hybrid policies may be worthwhile for you to consider if you have liquid assets generally not needed for retirement income that can be easily re-positioned.

Frequently Asked Questions

No, we do not charge a fee to the client for our services.

P2 has over 20 years of combined industry experience.

A Medicare Supplement policy, sometimes called “Medigap,” is a private insurance policy that can help pay for some of the health care costs that Original Medicare doesn’t cover. Medicare Advantage Plans are network-based plans offered by private insurance companies that have a contract with Medicare and provide additional benefits beyond Original Medicare like vision, hearing and dental benefits.

You must have Original Medicare Part A and Part B, live in the plan service area and not have End-stage renal disease requiring dialysis.

No, Medicare covers medical expenses related to illness or rehabilitation. Skilled Nursing is covered by Medicare for up to 100 days if you qualify for a skilled medical need. Long-term care services involve someone needing assistance with activities of daily living such as bathing, dressing, grooming and eating.

People rely on a variety of payment sources which include personal funds, private financing options like long-term care insurance or government programs like Medicaid.

There are no age requirements to purchase long-term care insurance. However, because of health changes that take place most often after people reach their 50s, we advocate that long-term care planning start in your 50s.

The need for life insurance persists long after the kids have graduated college or the house has been paid off. As long as premiums are paid, permanent life insurance provides a lifetime of protection. Also, a permanent life insurance policy will accumulate cash value on a tax-deferred basis and the death benefit is tax free to the beneficiary. Once approved, your policy cannot be cancelled by the insurer and the insurance will remain in-force regardless of your health status.

A final expense insurance policy is used to pay for funeral services and a burial when the named insured dies. Although the policy is called “final expense insurance,” it is no different from a traditional life insurance policy with a small monetary value.

When you buy an immediate annuity, you choose the number of years that your guaranteed income stream will last. A lifetime income annuity provides guaranteed income for as long as you are alive.

It’s a way to diversify your portfolio and make sure that your basic retirement expenses will be covered. For most retirees, the overriding concern is for a secure income stream for the future. The annuity pays principle and interest for your entire life. In this way, the lifetime income annuity operates much like a pension plan from a former employer.