LONG-TERM CARE INSURANCE

• US 20080215376A1
• Filed: 02/07/2008
• Published: 09/04/2008
• Est. Priority Date: 02/08/2007
• Status: Abandoned Application

• Current Assignee: Lawrence Engelman
• Original Assignee: Lawrence Engelman
• Inventors: Engelman, Lawrence
• Application Number:
  US12/027,663
• Publication Number:
  US 20080215376A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An insurance policy in which the initial maximum benefit payable under the policy is less than or equal to the premium. The policy protects an insured'"'"'s assets under a Government benefit program that has an asset limit for applicants and that allows applicants to shelter assets by obtaining private insurance. Assets may be sheltered under such a Government program by providing such insurance, obtaining payment for a benefit under the insurance; and applying benefits under the Government program. Insurance can be sold to shelter assets under such a Government benefit program by setting the maximum payable benefit to less than or equal to the premium. Optionally, the initial maximum benefit payable under the policy is less than or equal to about 105% of the premium. The Government benefit program may be a Medicaid State Long-Term Care (LTC) Partnership Program and the insurance benefit may be a long-term health care benefit.

Claims

1. An insurance policy comprising an insurance benefit for an insured, wherein the initial maximum benefit payable under the policy is less than or equal to the premium paid for the policy, and wherein the policy qualifies to protect an insured'"'"'s assets under a Government benefit program that has an asset limit for applicants and that allows applicants to shelter assets by obtaining private insurance.

2. The insurance policy of claim 1, wherein insurance benefit is a long-term health care benefit and the Government benefit program is a Medicaid State Long-Term Care (LTC) Partnership Program.

3. The insurance policy of claim 2, wherein the policy includes a return of premium death option in the amount of a substantial portion of the initial benefit remaining after payment of benefits.

4. The insurance policy of claim 2, wherein the policy includes a lifetime cancellation option in the amount of a substantial portion of the premium, provided that no claim for benefits has been made.

5. The insurance policy of claim 2, wherein eligibility is restricted to insureds who have attained a minimum age so that mandatory automatic inflation options on the maximum benefit pool need not be offered.

6. The insurance policy of claim 2, further comprising an automatic inflation adjustment benefit on the initial maximum benefit, which automatic inflation adjustment benefit is less than mandatory inflation benefits payable by law to all applicants who have not obtained statutory minimum age requirement.

7. A method for sheltering assets under a Government benefit program that has an asset limit for applicants and that allows applicants to shelter assets by obtaining private insurance, comprising:

providing an insurance policy for an insured;

obtaining payment for a benefit under the insurance policy; and

applying for payment of benefits under the Government benefit program;

characterized in that the initial maximum benefit payable under the policy is less than or equal to the premium paid for the policy.

8. The method of claim 7, wherein the Government benefit program is a Medicaid State Long-Term Care (LTC) Partnership Program, and wherein the insurance policy provides long-term health care insurance.

9. A method for selling insurance, comprising offering an insurance policy that qualifies to shelter assets under a Government benefit program that has an asset limit for applicants and that allows applicants to shelter assets by obtaining private insurance, and setting the maximum payable benefit to less than or equal to the premium.

10. The method of claim 9, wherein the insurance comprises long-term health care insurance and the Government benefit program is a Medicaid State Long-Term Care (LTC) Partnership Program.

11. An insurance policy comprising an insurance benefit for an insured, wherein the initial maximum benefit payable under the policy is less than or equal to about 105% of the premium paid for the policy, and wherein the policy qualifies to protect an insured'"'"'s assets under a Government benefit program that has an asset limit for applicants and that allows applicants to shelter assets by obtaining private insurance.

12. The insurance policy of claim 11 wherein insurance benefit is a long-term health care benefit and the Government benefit program is a Medicaid State Long-Term Care (LTC) Partnership Program.

13. The insurance policy of claim 12, wherein the policy includes a return of premium death option in the amount of a substantial portion of the initial benefit remaining after payment of benefits.

14. The insurance policy of claim 12, wherein the policy includes a lifetime cancellation option in the amount of a substantial portion of the premium, provided that no claim for benefits has been made.

15. The insurance policy of claim 12, wherein eligibility is restricted to insureds who have attained a minimum age so that mandatory automatic inflation options on the maximum benefit pool need not be offered.

16. The insurance policy of claim 12, further comprising an automatic inflation adjustment benefit on the initial maximum benefit which benefit is less than mandatory inflation benefits payable by law to all applicants who have not obtained statutory minimum age requirement.

17. The insurance policy of claim 12, wherein the premium does not include a brokerage fee.

18. A method for sheltering assets under a Government benefit program that has an asset limit for applicants and that allows applicants to shelter assets by obtaining private insurance, the method comprising:

providing an insurance policy for an insured;

obtaining payment for a benefit under the insurance policy; and

applying for payment of benefits under the Government benefit program;

characterized in that the initial maximum benefit payable under the policy is less than or equal to about 105% of the premium paid for the policy.

19. The method of claim 18, wherein the Government benefit program is a Medicaid State Long-Term Care (LTC) Partnership Program, and wherein the insurance policy provides long-term health care insurance.

20. The method of claim 19, wherein providing long-term health care comprises paying a premium to an insurer and, separately, paying a brokerage fee to an insurance broker, agent or other person entitled to a sales commission upon providing the insurance policy.

21. A method for selling insurance, comprising offering an insurance policy that qualifies to shelter assets under a Government benefit program that has an asset limit for applicants and that allows applicants to shelter assets by obtaining private insurance, and setting the maximum payable benefit to less than or equal to about 105% of the premium.

22. The method of claim 21, wherein the insurance comprises long-term health care insurance and the Government benefit program is a Medicaid State Long-Term Care (LTC) Partnership Program.

23. The method of claim 22, wherein the premium does not include brokerage fees.