LTC Planning Made Simple
We’ll help you protect your family with valuable LTC planning, help you make informed decisions during the planning process, and guide you in understanding your LTC policy. We make LTC planning simple!
Understand Long-term Care
Long-term care is not a place but rather a life-changing event where an individual is considered “chronically ill.” Such a person is unable to do activities of daily living without substantial assistance from a personal care giver.
According to the U.S. Dept. of Health and Human Services, most Americans turning 65 will need some form of long-term care as they get older.
Unlike medical care, which focuses on remedying your medical condition(s), long-term care focuses on helping you live your daily life the way you are.
For instance, about 80% of people receiving long-term care services are living at home, according to the U.S. Dept. of Health and Human Services. Services are provided by a non-licensed personal caregiver or a licensed health professional, such as a nurse. In addition to your home, long-term care is also received in the following settings.
|Examples of Long-term Care Settings:|
|Adult Day Care Facilities|
Assisted Living Facilities
Consider a Hybrid LTC-Life Solution
A hybrid solution combines the benefits of long-term care insurance and life insurance into a single policy. It leverages your payment(s) to provide both a long-term care benefit and a death benefit if you never need long-term care.
Now from my experience, there are two common concerns folks have when first discussing long-term care insurance. They normally ask me:
- “Do I get my money back if I never need long-term care coverage?”
- “Will my premiums increase over time?”
Well if this is your concern, then a Hybrid LTC-Life policy is the right solution. First however, you should know that this type of plan is not for everybody. A Hybrid LTC-Life plan is, essentially, a want solution not a need solution. This plan is for people that want valuable coverage and guarantees that also meets the need to protect their family from long-term care consequences. This is valuable coverage and guarantees that come in the form of:
- Long-term care insurance benefits in the event you need care
- Tax-free life insurance death benefit in the event care is not needed
- A guaranteed return of premium if you ever change your mind
Such valuable coverage and guarantees not only meets the need for long-term care protection but also addresses the concern of “use it or lose it” and the concern of premium increases as well.
5 Things to Consider Before You Buy
Hybrid LTC Insurance
Before you purchase any Hybrid LTC policy, there are “5 important factors” to consider for your benefit. Whether you are looking over illustrations with a financial advisor or an agent, these 5 things are paramount in considering any hybrid LTC policy. The 5 factors you strongly should consider are:
- LTC Benefit Amount
- Benefit Period
- Inflation Protection
- Elimination Period
- & Premium Payment Options
These factors will help you to determine which company is providing you the best offer for your needs and your money. Before you place a portion of your savings into any hybrid LTC policy, makes sure you fully understand the role each of these 5 factors play in a policy.
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See the Cost of Long-term Care in Your State
Did you know the annual median cost of long-term care in the U.S. is about $100,000?
Click on the map below to see the cost of long-term care in your state!
Information For High-risk Applicants
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