How Does Lincoln Moneyguard Work

Lincoln Moneyguard is a kind of insurance policy that ensures the safety of insurers while it also provides them with required benefits that will stay on long term standard without the payment of tax. It is better said to be a universal life insurance policy with long-term care riders that reimburse for qualified long-term care expenses.

Long-term care reimbursements are generally income tax-free. Then, the question, how does Lincoln moneyguard work?

How Does Lincoln Moneyguard Work

Let us look shortly into this amazing insurance platform created by the Lincoln Financial Group basically to facilitate reliability and of course the professional efficiency which is needed by potential insurers.

1. Lincoln National Life and Lincoln Financial Group

Lincoln National Life created a product called Lincoln Money Guard II which is a guaranteed premium product where you can pay one lump sum, pay to off in three, five, seven or pay it off in ten years. If you pay it off over time they of course will give you less benefits than if you paid off the premium all at once.

Unlike traditional long term care care insurance, hybrid long term care care insurance’s premium is guaranteed to never increase. The long term care care benefits in the Lincoln Moneyguard are also guaranteed even as affecting other personal businesses.

2. Benefits Offered by Lincoln Moneyguard Policy

Certainly, the Lincoln Moneyguard policy offers quite a lot of subsidized benefits which are stood to be gained by the prospective customers. Some of these advantages will be delineated for you to pick from and hence to start getting a comprehensive grasp of the full insurance package:

• Long-term care coverage in the event you need long-term care services.
• A death benefit to your beneficiaries if you never need care.
• Income tax-free long-term care benefit
• A return of premium if you ever change your mind.
• Provision of the added flexibility you need to plan for long-term care.
• MoneyGuard policyholder does not have to wait your standard 90 day waiting period before they can receive their benefits.
• Return of premium benefit if you change your mind.
• Provision for riders which is called Transfer Rider which provides the ability to increase their long-term care benefits using their death benefit in the event they die.

Lincoln Moneyguard Reimbursement Policy

Lincoln MoneyGuard Fixed Advantage is a reimbursement policy. With a reimbursement policy, either you or your long-term care facility are reimbursed for the long-term care expenses you incurred. Therefore, you must submit bills or receipts of your long-term care expenses to Lincoln Financial in order for your MoneyGuard policy to disburse your benefits.

3. Insurance Coverage

The Lincoln Moneyguard Platform covers different areas of our lives and thus, here are some of the most available areas that the policy covers for you:

• Adult Day Care
• Assisted Living
• Home Healthcare
• Hospice Care
• Nursing Home Care
• Bed reservation benefits
• International benefits

4. Inflation Protection Options

You may help protect your retirement savings with optional compound inflation protection that will increase your long-term care benefits.  Select a compound increase of 3% or 5% for an additional cost. Your long term care benefits will continue to grow while you are on claim and receiving benefits.

5. Efficient Services

The company no doubt offers so many services and care-giving products which are recorded to be efficiently satisfying. Below are the few examples of these great insurance services offered by Lincoln Moneyguard:

• Adult Day Care: Social and health-related services by a state or a licensed and certified program in a group setting.
• Alternative Care Services: These services are an alternative to services otherwise covered and are prescribed by a plan of care by a licensed healthcare practitioner.
• Assisted Living Facility: A residential care facility that provides ongoing assistance
• Bed Reservation Benefit: Lincoln Moneyguard will pay for bed reservations for up to 30 days per calendar year.
• Care Planning Services: Your policy will reimburse you for care planning services provided by a care planning agency.
• Caregiver Training: Up to $500 lifetime maximum to train a primary caregiver.
• Home Health Care: Services provided by a licensed home health care agency in your home.
• Hospice: Provides benefits for the terminal phase of life.
• Non-Continual Services: Services received on a one-time basis, such as durable medical equipment or home modifications to your residence.
• Nursing Home: A licensed facility that provides continual nursing care.
• Respite Care: Short term care services provided to relieve your primary caregiver.
• Transitional Care Assistance Benefit: This covered service may be used in combination with other forms of care and help transition from informal to formal care.  This benefit allows for $100.00 day for up to 180 days and does not require receipts for reimbursement. Must be within the first year on claim. Care may be provided by anyone of your choosing except spouses