Welcome Rhode Island School of Design (RISD) Employees


Your Long Term Care Insurance Private Exchange

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.

John Hancock Policy Holders


If you obtained coverage through the John Hancock Group Plan, it will almost always be in your best interest to keep what you have.

If you have any questions call us at 1-888-793-6111.

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Existing Policyholders


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.

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One Time Opportunity


Liberalized underwriting with MedAmerica is ONLY available during this open enrollment period (until 3/11).

ENROLL NOW

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Portable


Your policy leaves with you—with no change in rates. The Policy will pay benefits anywhere in the United States.

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Ex-change


3. a place where things are exchanged, especially a center where financial instruments are bought and sold.

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New York Partnership


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.

Additionally helpful information can be found in the NY Guide "What you need to know" document.

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%.

2014 20% Tax Credit

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Long-Term Care is a Woman's Issue


70% of long-term care insurance claims are paid to women- and those claims last longer than claims paid to men

Currently premiums are NOT gender based, they are unisex. (Women and men pay the same) BUT that is about to change.  Read a recent WSJ article

In 2013 women started to pay substantially higher premiums with some carriers than men. Our Exchange includes some rates that are still unisex.

For a very detailed report on women and long-term care, click here.

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Projected LTC Need for People Turning Age 65

        Number of Years of Long-Term Care Need by Percentage
  Average Life Expectancy after age 65 Percent of People with Long-Term Care Need Average Years of Long-Term Care Need 1 Year or Less 1-2 Years 2-5 Years More than 5 Years
Everyone 17.8 69% 3.0 25% 17% 29% 29%
Men 15.7 58% 2.2 33% 17% 30% 20%
Women 19.8 79% 3.7 20% 16% 28% 35%
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Privacy Policy

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:

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:

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The NEW MassHealth (Medicaid) Exemption*


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.

click here to see how it works

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.

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Connecticut Partnership


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.

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