Is an Asset Based / Hybrid Long Term Care Insurance Policy Right For You?

Is an Asset Based / Hybrid Long Term Care Insurance Policy Right For You?

Asset Based / Hybrid LTC insurance policies What are they and are they right for you? What is an “asset-based” or “hybrid” LTC insurance policy and is it right for you?  These policies offer long term care insurance benefits similar to traditional, or standalone, LTC insurance policies, but are a part of either a life insurance policy or an annuity. As such it’s difficult to make any direct comparison of a traditional long term care insurance (LTCi) policy with a hybrid LTCi policy. There some similarities as well as some notable differences. Hybrid LTC insurance policies were created to address some of the perceived shortcomings of a traditional LTC insurance policy. First, traditional LTCi policies rates (ie, premiums) are not guaranteed to ever change. While the policy is guaranteed to not be cancelable by the insurance company if you are paying your premiums, the insurance company can request a state insurance department to allow it to change premiums on an class of existing policies under certain circumstances (not always that easy to do, but possible). Think of a traditional LTCi policy as being similar to a health insurance policy in this regard. In fact, policy owners of some LTCi policies that were sold years ago have experienced premium increases that were due to a number of factors; for example, an insurance company’s claims were more than the company expected or the company experienced poorer investment returns than expected, just to name a few possible reasons. While LTCi policies offered by insurance companies today have been priced with more claims experience and in a lower investment environment (so in theory...
Purchasing Long Term Care Insurance Is Easy And Convenient

Purchasing Long Term Care Insurance Is Easy And Convenient

It's Easy Working With LTC Planning Partners Purchasing long term care insurance is a process which starts with reviewing quotes and selecting the right product and features for the client’s needs. An application is then submitted to the insurance company and it underwrites the case. Finally a formal offer is made by the company and communicated to the client. Our process at LTC Planning Partners is very straightforward and intended to make it easy and convenient for our clients to obtain the long term care insurance (LTCI) that’s right for them. Communication is key…keeping our clients informed at each stage of the process. Our typical “start to finish” process involves 7 easy steps: 1. When we receive an inquiry about obtaining LTCI, we have an initial short conversation with our clients to review health status and other pertinent information to make an informed quote. This is generally done by phone. 2. We first prepare quotes from a number of the top LTCI insurance companies to show our clients how various companies compare. In most cases the benefits quoted will be the same (some variations may occur but when that happens we will explain why). The goal is to show our clients not just one company, but show multiple companies so they can review a variety of quotes. We do not represent any one company, but are completely independent. This is done by email or online screen sharing. 3. Based on a comparison of the various products which may be suitable for our clients as shown in #2, we will chose one company that we feel is best suited for...
What is Long Term Care

What is Long Term Care

What is Long Term Care? Long Term Care is one of those phrases that can be somewhat broad and far-reaching in nature or more narrowly defined. A more generally defined definition of “long term care” refers to the ongoing services and support that people with chronic health conditions or cognitive impairments will require. There are generally three levels of long term care: Skilled care: Generally “24/7” care provided by professional health care providers such as nurses, therapists, or aides under a doctor’s supervision. This most often would take place in a nursing home facility. Intermediate care: Similar to skilled care but provided on a less frequent basis. This most often would take take place in a residential care, assisted-living facility, or adult day care center. Custodial care: Personal care often given by family caregivers, nurses’ aides, or home health workers who provide assistance, typically in the home, with what are called “activities of daily living” such as bathing, eating, and dressing. The most common type of long-term care is custodial home-based care. This is most often preferred by individuals needing long term care as they are able to maintain both independence and control to a large extent and remain in a familiar environment. “Long term care” invokes certain perceptions in people’s minds. However, as in lots of areas of life, perception often doesn’t match reality. Perception: Any long term care expenses I might have in the future should be covered by my health insurance or by Medicare. Reality: Most long term care expenses are NOT covered by either health insurance policies or Medicare. Both health insurance and Medicare are...
Welcome to LTC Planning Partners

Welcome to LTC Planning Partners

Welcome to LTC Planning Partners Welcome to LTC Planning Partners.com! Our primary purpose and mission is to provide you with educational information and insights about planning for long-term care issues/costs. We offer different long-term care insurance risk-management solutions that can help you pay for future long-term care costs and protect your retirement funds. In the end, once you understand the potential costs of long-term care, it’s about knowing your options and implementing a plan. Having a plan will bring with it peace of mind that you’ve addressed a very important aspect of your financial future. We have a lot of consumer-friendly information, including short videos, on our website and we will continue to expand our content offerings so that people can acquire more knowledge about long term care issues and what different solutions are available. As the motto of one prominent website says…”Life Happens”. It’s easier to procrastinate about planning for long-term care expenses, but the cost of waiting can be devastating. And frankly the older we get, the more likely we are to have a significant medical event that can be a “game changer.” For my family personally, such an event occurred recently. Fortunately, a long-term care insurance policy will help us pay for future long-term care expenses.   Why is it so important to plan for long-term care? No one expects to need long-term care, but it’s important to plan for it nonetheless. Here are two important reasons why: The odds of needing long-term care are high: Approximately 70% of people will need long-term care at some point during their lifetimes after reaching age 65* Approximately 8%...