Transamerica Long Term Care Insurance

Transamerica’s long term care insurance offers flexible design options and some of the best premium rates on the market. They also are very liberal with their underwriting, which makes them an excellent choice for individuals in poor health.

Transamerica LTC insurance plans are straightforward, easy to understand, and loaded with benefits that are hard to find from other providers. We highly recommend exploring what they have to offer before making a policy purchase.

CONS

• Great pricing on individual plans but not on shared options for married couples.
• Rates differ drastically among states.
• At-home caregivers must be agency affiliated.

Benefits of Transamerica Long Term Care Insurance

Transamerica provides some of the best features and benefits available in long term care insurance.

0-Day Elimination Period

The elimination period is the time you must wait between when you make a claim, and when you receive payout benefits from your policy. Most carriers allow you to select your elimination period from 30, 60, 90 days, and sometimes further. Transamerica stands out by offering a 0-day elimination-period option. In other words, when you make a claim, there’s no waiting period to receive your benefits.    

Cash payout option

Transamerica also offers a lump sum payout option. If you urgently need your funds, you can elect for a single lump-sum payout. This benefit is not available with other insurance providers. There are no restrictions, and you can use the money however you need to.   

A Pool of Money Model

Transamerica long term care insurance policies use a pool of money model, which gives you access to the total value of your policy beginning day one. Here’s how it works:

They calculate the total of all your future monthly premiums to make a total policy value. You have access to your total policy value beginning day one. Dollars, not time, determine the limits of your policy.  

Most insurance providers limit your benefits to a daily dollar amount. If your medical bills were to spike, you would not be able to pull funds above the set daily limit. Transamerica gives you access to your full policy value from day one of owning your policy. 

The One Thing We Don’t Like About Transamerica LTC Insurance

At Home CareGivers

Transamerica requires that at-home caregivers be agency affiliated. Which means family members do not qualify as a caregiver.   

Agency affiliated caregivers are more expensive than independent caregivers, which will use up your benefits at a faster rate. Transamerica offers the 0-day elimination period for at-home caregivers to balance out their agency affiliated requirement. 

The benefits of Transamerica long term care insurance apply more to the intensive levels of care, such as nursing homes and extended hospital stays. At-home care benefits are better with other providers. 

Financial Strength & Stability

As shown above, Transamerica has earned respectable ratings will all the major rating institutions. High-ratings reflect a carrier’s financial strength and ability to pay out on their end of the contract. Purchasing a policy from a carrier with high ratings can bring added confidence and peace of mind about your investment.

• AM Best Rating A+
• Moody’s Rating A1
• Standard & Poor’s AA

Transamerica Long Term Care Insurance Cost

Your monthly premium will depend on several factors. Your age, health, gender, state of residence, and size of policy will all affect the cost of your policy. 

Policy size is the biggest factor in the cost of long term care insurance. We love Transamerica because they allow you to purchase a policy big or small. 

Currently, policy limits range between $18,250 to $876,000. You also get to choose your daily benefit payouts ranging between $50 to $400 per day.

Most other long term care insurance companies enforce much higher policy minimums, which can be difficult for those shopping on a budget. 

Available Discounts:

Couples – spouses and partners applying together can receive a discount of up to 20%.

Excellent health – individuals in excellent health are eligible for an additional 10% discount.

Premium Frequency – paying your premium quarterly or yearly will also provide additional discounts.     

Compare Transamerica with Top Competitors

Although our agents love working with Transamerica, they may not be the best option for you. The truth is, there is no single best insurance company. Insurance providers compete with each other by catering to different subgroups of people. The only way to find your best policy is to shop and compare all the top carriers before making a purchase. 

Our independent agency is here to help you do just that. We’ll begin by assisting you with a personalized long term care insurance illustration from Transamerica. From there, we help you compare that offer with all the top competitors. Our service saves you both time and money while shopping for your policy.  

Our services are free. And there’s no obligation when speaking with an agent.  

Explore your options today. Fill out the form on your screen to get started.