Looking over hybrid long term care insurance reviews can help you get a policy that’s best suited for your needs. When comparing plans, premium prices are always a factor. But because these vary depending on the applicant’s situation, this review instead focuses on the financial strength of the insurers, as well as the flexibility of various companies and their policies. Essentially, we focus on whatever it takes for a hybrid long term care insurance provider to deliver robust coverage and honor claims.
Criteria for our hybrid LTC insurance reviews
Before you settle on a company (or rather policy), it’s important that you evaluate the following factors.
- Financial strength – this is one of the most important factors while comparing providers of hybrid long term care insurance. If a company is financially strong, this is an indication that it’ll be around when you need LTC benefits (which could be up to 20 or even 30 years from now). A.M. Best and Standard and Poor’s provide ratings for insurance firms and other businesses.
- Benefits period – this is the length of time during which your insurance company will pay for long term care once you make a claim. In the past, LTC policies used to be ‘lifetime policies’, which means you could get benefits for as long as you needed them. But current policies have a specified benefits period (in number of years). Looking at statistics, the average person needs long term care for about 3 years. It’s important that your insurance benefits run for at least 3 years, preferably more. But if you can’t buy a policy that lasts long, even a small policy can come in handy and help you offset the devastatingly huge cost of long term care services.
- “Waiver of Premium” – most insurance policies require that you pay your premiums when collecting benefits. The nature of LTCi, however, means that it insurance kicks in when you’re pressed hard. You might have limited income and inability to produce financially. ‘Waiver of Premiums’ is a feature that waives premium payments after your claim has been approved. It’s something you want to see in your insurance policy.
Hybrid long term care insurance reviews
Some of the top providers of hybrid Long Term Care insurance based on the factors above include:
- Mutual of Omaha
- Genworth Financial
- Lincoln Financial
- Pacific Life
- John Hancock
- State Life (One America)
- Minnesota Life (Securian)
This hybrid long term care insurance reviews