Types of Long-Term Care Policies

Extended care, especially at home, can be quite costly. That is why many people may take it upon themselves to take time off to take care of their relatives. Taking on that responsibility will only cause you more stress because that is paychecks you are losing, and the role of a caregiver is tiring (especially when you aren’t a medical expert).

Purchasing Long-Term Care insurance (LTCi) is one of the best ways you can show your family you care. Not only will it help you tackle the high costs, but it will also ensure they are receiving the best care and incredible support from the people they love most (you!).

There is a common misconception that LTCi is only for elderly relatives who have residency in a nursing home. You may be surprised to know that LTCi is for any relative, young or old, who need extended care, including an at-home caregiver, due to aging, illness, or injury.

Your regular health insurance or Medicare do not pay for your long-term care needs. It is imperative you understand the different LTCi policies available, so you know you’re purchasing a plan that meets your needs and budget.

  1. Traditional Long-Term Care Insurance- These policies provide a broad range of benefits for at home care, meet federal standards, and some even include a no lifetime cap feature (unlimited benefit period). Throughout the years, older LTCi policies have changed drastically. These changes came along with hefty rate increases. Over 40 states have passed rigid pricing regulations to protect new buyers from the raised rates.
  2. Long-Term Care Partnership Program- Long-Term Care Partnership Programs are policies that were designed to assist you if your original Long-Term Care policy runs out of benefits. These affordable policies help to protect your assets from Medicaid. You only pay for what you want to protect. Meaning, you buy a benefit amount equal to the number of assets you want to be protected.
  3. Life Insurance Linked with Long-Term Care- There are both good and bad life insurance and long-term care insurance hybrid policies. The good hybrids typically have guaranteed level premiums and will pay a death benefit to your beneficiary.
  4. Annuity Linked with Long-Term Care- These hybrids are not very well known. That is because they are not the best investments. Their purpose is to provide a hedge and fight against the high cost of needing care for an extended period. Some may include inflation protection, which can pay long-term care expenses that total up to five or eight times your single premium deposit.

LTCi gives you a plan and an opportunity to focus on providing love and hope to your loved one throughout their recovery.

It is our goal at Avery Hall to make sure you have, not only the best insurance but insurance that is right for you. Give us a call, today, to learn more and receive a quote for your Long-Term Care insurance

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