Long-Term Care Insurance has Two Qualifiers: Health and Affordability
There are three ways to insure yourself with long-term care.
- Long-Term Care Insurance (only) With Insurance company, you pay a premium every month. After 10 or 20 years of paying this premium you may go on claim and have it pay for your care. If you never use it and die after 20 years of paying the premium the premium balance stays with the insurance company and your heirs get nothing.
- Life Insurance with Long-Term care Ryder This is a new hybrid policy. You pay the premium for the life insurance coverage for 20 years and your heirs get the proceeds if you die, but if you need Long-Term care, you turn on the Ryder and the proceeds of the life policy you pay your monthly premium for your care .
- Annuity Funded Long-Term Care Ryder This is another hybrid policy that you deposit a sum of money like $100,000 into an annuity. The annuity grows tax free, and your balance can be used to pay the monthly premiums for your care.
According to US Government statistics Two thirds of the senior population will need some type of long-term care in their lifetime.
What severe consequences will be paying for Long-Term care have on your lifestyle, your ability to keep financial commitments, and your legacy to your family.?
We are skilled in our office to sit with clients and discuss these options face to face. We help the client figure out if they qualify health wise for a traditional policy or if a hybrid policy is a better fit for their needs. Contact Us today!