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Long Term Care

We’re finding some people prefer some of the advantages of going the “hybrid” route for their long-term care coverage. I work with highly experienced professionals who understand the “Hybrid” market inside and out.

Our hybrid clients typically:

  • Want a guarantee there will be NO rate increases to their premium, ever.
  • Are very comfortable financially and are tempted to even just self-insure the risk, but realize having insurance in place may be prudent.
  • Are people who have $100-150K in an easy-access fund like money market, CD, etc. – as “rainy day” money.
  • Like to know they are going to use this insurance. With Hybrid, there’s a death benefit (life insurance) or the option to use the death benefit for long-term care costs instead. Hybrids work very similarly to “stand-alone” LTC products at claim time.
  • May have income tax sensitivity. Benefits are income tax free.
  • May have more serious health issues preventing the stand-alone companies from issuing them a policy. (We can often find a hybrid company may accept some health histories that are not acceptable by stand-alone companies.)

Other advantages of some Hybrid LTC products:

  • One of our carriers still offers UNLIMITED lifetime coverage for LTC
  • Though monies are re-allocated, it remains YOUR money under your control. So the money will be used either for long-term care costs, or for a death benefit (life insurance) or you can pull out your money later.

Traditional Long-Term Care

As people age or become ill, they sometimes need help doing daily tasks like getting dressed, bathing and more. Long-term care (LTC) provides people with those services—but it’s expensive.

Long Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age. Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life.

The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.

Most long-term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.