By now you may have heard of a new alternative to your traditional long-term care insurance plan known as a Hybrid policy. A Hybrid policy offers two main benefits to you.
- Long-term care benefits: In the case that you actually do require long-term care, you may utilize your policy’s death benefit to help cover both medical and non medical expenses related to your care. This care may include in home care or assisted living.
- Death Benefit for the family: In the case that you don’t ever actually need care you can set up your loved ones to receive your full death benefit upon your passing. In the case that you do require so care and use some of your benefits, the family will still receive the remaining portion of your death benefit.
The main varying factor from your traditional long-term care plan to your Hybrid plan, is the fact that you are guaranteed some money back through a hybrid plan unlike your traditional plan, where the money is forgone even if never needed care.
If you are considering putting a long-term care policy in place for yourself consider doing the following:
Meet with your financial advisor: If you have a financial advisor ask him some integral questions. His advice can help you determine which type of policy might fit you financial needs best.
- Without a policy do I have enough saving and income to cover the possibility of future care?
- If I do need to pay for care how will my other assets be affected?
If you or someone you love is interested in Hybrid Long Term Care Insurance be sure to click here