Welcome! Our goal is to provide you with a "best in class" learning experience. We want to assist you in making informed decisions about protecting your financial future. Should you decide that long-term care insurance is an important component of your financial plan, we want to provide you with insurance company choice. No single insurance company can be "best" for everyone.
Evaluating your options can be confusing, so after reviewing the information on this site we invite you to call us at 1-888-793-6111 or e-mail helpme@retirementguard.com. Normally, in less than 10 minutes, we can answer your questions and provide valuable insights—without obligation. Should you decide to obtain insurance, know we are paid by the insurance company.
RetirementGuard works with many of the most prestigious employers in the North East, including Yale and Brown Universities.
It is almost never in your best interest to replace existing coverage. That said, at times it might be appropriate to supplement it. We can provide an existing policy audit without obligation.
New York State is encouraging you, if it is affordable, to consider this special coverage. In essence a relatively small premium—and benefit—can protect ALL of your assets from spend down rules. http://www.nyspltc.org/
For details and costs and to see exactly how it can work for you, please call RetirementGuard at 888.793.6111 or e-mail us at helpme@retirementguard.com.
The New York Partnership is a complicated, yet it is a worthwhile option to consider—we are here to help.
Claim for Long-Term Care Insurance Credit
New York State wants you, if affordable, to obtain long-term care insurance. As an incentive you can receive a NYS Income Tax CREDIT equal to 20% of your annual premium, effectively reducing your premium by 20%.
RetirementGuard's mission is to enhance quality of life and peace of mind. We believe the interest of our clients always come first. As a current or future client we need you to know that we are committed to maintaining your trust; protecting your privacy and the personal information you provide to us.
We only collect, use and share your personal information in order to provide you with and maintain the insurance products and services you have requested, or as permitted or required by law.
We will not share your information with any non-affiliated company for the purpose of that company marketing its products or services to you. We do not sell any information about you nor do we sell our customer lists.
Information collection
An essential part of the insurance application process is getting to know you. In this regard, we will need to collect some specific information from you and about you.
We will ask you to provide, among other things, personal data such as your name, address, date of birth, social security number, marital status, home address, phone numbers, email address and place of employment. In most cases you will also need to provide the names of your physicians, medications you are taking and illnesses or conditions you have or have had. Lastly, to ensure that you can afford the insurance you are interested in purchasing, questions related to your annual income range, savings and investments.
We would require the above information for the following:
Illustrations & Proposals
Financial Worksheets
Long-Term Care Insurance Applications
Servicing Your Account
Sharing information
When you provide information to us, we may share your information with our affiliated insurance companies for the purpose of fulfilling underwriting requests as well as offering you other services that may be of interest to you.
How is your information secured and protected?
We treat what we know about you confidentially. The website uses encryption and authentication tools to protect any personal information you send us via the Internet. Internally we take steps to make our computer data bases secure and to safeguard the information we have collected about you.
We require confidential treatment of your information and take care in handling your information. Employees who misuse customer information are subject to disciplinary action.
To contact us, to view or to update your information
If you wish to update or view your personal information or if you have any questions about this Privacy Policy, you may contact us by sending a letter via the U.S. Mail to:
Massachusetts is encouraging residents who own homes, or expect to own a home in the future, to purchase long-term care insurance.
A recent change in the MassHealth estate recovery exemption now allows long-term care insurance policy owners who use a "minimum" benefit (Option 1) to shelter their homes from liens or being sold—even if MassHealth is paying for their long-term care because the insurance is depleted.
The change now allows for insurance to pay for care at home—not just nursing homes—and still qualify for the exemption. This means the home can be passed on to loved ones or can be left in the estate, regardless of how much equity is in the home (how much it is worth). While Option 1 is essential- we might suggest other options if they are affordable.
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Rhode Island Partnership
The Rhode Island Partnership for Long-Term Care
Recently, the State of Rhode Island joined 40 other states in making the Long-
Term Care Partnership program available to its residents. The primary purpose of
the program is to encourage residents to purchase long-term care insurance with
the incentive being a special asset disregard provision which allows participants
to "immunize" assets from Medicaid spend down. This is a Partnership between
the State of Rhode Island, the insured, and certain insurance companies (such as
John Hancock) who have instituted consumer protection enhancements and
reporting requirements.
Medicaid qualification rules for long-term care are complicated. RetirementGuard
does not provide legal advice; what follows is a high level overview.
There are two standards for Medicaid qualification, one for people living alone
and one for married individuals. 80% of Medicaid qualification impacts people
living alone.
For a single individual to qualify for Medicaid, he or she must spend non-exempt
assets down to $4,000. Certain assets are exempt, including a burial plot, an
automobile, term life insurance, and some personal jewelry. Non-exempt assets
include savings and other assets such as real estate. Thus, if an individual has
$250,000 of assets in a 403(b) and needs long-term care, those assets must be
spent down to become eligible for Medicaid qualification. In addition to spending
down, it is now required that a lien be placed on the home of an individual living
alone, as Medicaid will try to recover the money it has paid for care upon the
individual's death (termed: estate recovery).
With a Partnership approved policy, under the asset disregard provision, assets
equal to what a policy paid out in benefits will be disregarded for the purpose of
determining Medicaid eligibility. For example: with a modest insurance policy
that pays out a $6,000 monthly benefit for a minimum 3 year duration, an initial
pool of $216,000 is created ($6,000/month X 36 months). The Partnership
mandates that benefits increase automatically for inflation, but for our purposes
let's assume the insured goes on claim in the first policy year and slightly over
$216,000 is paid out over the 3 year period.
When the policy is depleted, this $216,000 will be disregarded for spend down
purposes. Though this is a simplified overview, the insured will be able to keep
about $220,000 and still qualify for Medicaid. He/she would have been able to
keep $4,000 without long-term care insurance, but an additional $216,000 can
now be kept because a Partnership policy had been purchased.
Many insureds will be able to pay smaller premiums with a Partnership program
because they can confidently obtain smaller benefit durations due to the
additional levels of protection the Partnership affords.
The Partnership should also provide value to higher net worth individuals. As an
example, Medicaid will allow married individuals to shelter a maximum of
$108,000 from spend down. This assumes jointly held non exempt assets of
$216,000 or more. While the "well" spouse is allowed to stay in the home, home
equity in excess of $500,000 may be in jeopardy under new special rules. Longterm
care insurance, in tandem with the disregard provision, would allow for
significant asset protection for higher net worth individuals.
It is important to note that a Partnership approved policy will pay benefits
anywhere in the United States. In addition, 32 states have reciprocity
arrangements by which they too will recognize, and shelter, assets from spent
down should a policy acquired in Rhode Island be depleted.
The Connecticut Partnership for Long-Term Care
Recently, the State of Connecticut joined 40 other states in making the Long-
Term Care Partnership program available to its residents. The primary purpose of
the program is to encourage residents to purchase long-term care insurance with
the incentive being a special asset disregard provision which allows participants
to "immunize" assets from Medicaid spend down. This is a Partnership between
the State of Connecticut, the insured, and certain insurance companies (such as
John Hancock) who have instituted consumer protection enhancements and
reporting requirements.
Medicaid qualification rules for long-term care are complicated. RetirementGuard
does not provide legal advice; what follows is a high level overview.
There are two standards for Medicaid qualification, one for people living alone
and one for married individuals. 80% of Medicaid qualification impacts people
living alone.
For a single individual to qualify for Medicaid, he or she must spend non-exempt
assets down to $4,000. Certain assets are exempt, including a burial plot, an
automobile, term life insurance, and some personal jewelry. Non-exempt assets
include savings and other assets such as real estate. Thus, if an individual has
$250,000 of assets in a 403(b) and needs long-term care, those assets must be
spent down to become eligible for Medicaid qualification. In addition to spending
down, it is now required that a lien be placed on the home of an individual living
alone, as Medicaid will try to recover the money it has paid for care upon the
individual's death (termed: estate recovery).
With a Partnership approved policy, under the asset disregard provision, assets
equal to what a policy paid out in benefits will be disregarded for the purpose of
determining Medicaid eligibility. For example: with a modest insurance policy
that pays out a $6,000 monthly benefit for a minimum 3 year duration, an initial
pool of $216,000 is created ($6,000/month X 36 months). The Partnership
mandates that benefits increase automatically for inflation, but for our purposes
let's assume the insured goes on claim in the first policy year and slightly over
$216,000 is paid out over the 3 year period.
When the policy is depleted, this $216,000 will be disregarded for spend down
purposes. Though this is a simplified overview, the insured will be able to keep
about $220,000 and still qualify for Medicaid. He/she would have been able to
keep $4,000 without long-term care insurance, but an additional $216,000 can
now be kept because a Partnership policy had been purchased.
Many insureds will be able to pay smaller premiums with a Partnership program
because they can confidently obtain smaller benefit durations due to the
additional levels of protection the Partnership affords.
The Partnership should also provide value to higher net worth individuals. As an
example, Medicaid will allow married individuals to shelter a maximum of
$108,000 from spend down. This assumes jointly held non exempt assets of
$216,000 or more. While the "well" spouse is allowed to stay in the home, home
equity in excess of $500,000 may be in jeopardy under new special rules. Longterm
care insurance, in tandem with the disregard provision, would allow for
significant asset protection for higher net worth individuals.
It is important to note that a Partnership approved policy will pay benefits
anywhere in the United States. In addition, 32 states have reciprocity
arrangements by which they too will recognize, and shelter, assets from spent
down should a policy acquired in Connecticut be depleted.
