It’s no surprise that recent insurance companies are increasing their premiums. Companies like Mass Mutual have had an increase in premiums for over 75 percent of their policy holders.
Between 2015 to recent around 25% of people over the age of 65 will end up needing some type of long term care. Out of those people 14% will need at least five years of care. With U.S. costs over $100,000 per year having long term care insurance will help you to cover the costs.
Hybrid Long Term Care insurance is a great option for people who want long term care insurance but do not want to pay a higher premium in the future. The great feature of having a Hybrid policy is that generally speaking the rates will never be increased.
Hybrid policies offer a few different types one being a single premium policy that allows a rider along with traditional life insurance and offers some long term care coverage as well.
Other types of Hybrid long term care policies are considered whole life and universal life policies. These policies will have a long term care rider and allows you to pay your premiums by month or quarterly. Benefits of Hybrid policies are guaranteed.
The great appeal of Hybrid policies is that if you don’t ever end up needing long term care you are getting your premium back. So if you are wanting to make sure that you get something in exchange for paying up front this could be the right route for you.
If you or someone you love is interested in Hybrid Long Term Care Insurance be sure to click here!