Long Term Care Insurance
Long-Term Care Hybrid Products
With financial markets at All Time High (ATH) levels, savvy investors approaching retirement are increasingly taking some risk off the table. Hybrid Long-Term Care Insurance policies can allow you to receive a 100% preservation of premiums paid while simultaneously providing significant leverage (between 2% – 6%) in the event you need Long-Term Care services, with home health care being the most common.
By moving a small portion of your investments from stocks or bonds to guaranteed insurance policies with cash value, you can secure some gains while providing significant leverage on your money should you need Home Care or even nursing home or assisted living services and assistance later in life.
Can I Qualify?
You must be healthy to be considered a candidate for Hybrid LTC policies.
A complete health history is considered. Chronic conditions can warrant refusal, but especially histories of cancer/stroke/heart attack or any bone or joint issues can be enough to make obtaining coverage a challenge. If you are healthy, on “maintenance medications” for conditions like high blood pressure or cholesterol, you will have no problem finding a policy. Keep in mind, there are several A++ rated companies out there as well who sell hybrid coverage options.
Partnership-qualified policies must meet special requirements that vary from state to state. Most states require Partnership policies to:
Comparing Life Insurance with Long Term Care Rider to Regular Long-Term Care
Protection From Rate Increases
Traditional Long-Term Care
Simply put, traditional long-term care (LTC) insurance is a policy that helps individuals who can no longer care for themselves afford the services they need. Individuals who use LTC insurance can expect coverage for daily activities like driving, medication management, and more. LTC coverage can also help with things like home health care, respite services, hospice care, adult daycare, and extended stays in nursing homes/assisted living facilities. Because most healthcare insurance policies do not cover many activities in the long-term world of needs, LTC insurance can be a must-have for those who expect their needs to grow in the future. The average LTC benefit period lasts three years, which begins when the individual or a family member contacts the insurer to indicate that the beneficiary is no longer able to care for their basic needs at home.
Many in the industry feel that the traditional Long Term Care model and policies are archaic in the way they are designed. Therefore, Traditional LTC remains the best option to build a significant pool of money for asset protection in the event an insured needs to go out on claim.