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With the traditional long term care insurance you pay your premium, and if you need long-term care due to age or illness, the policy pays out a daily or monthly benefit.
Some people think that if they die without needing long-term care, they feel they’ve “wasted” the premiums.
With a hybrid plan you can withdraw funds from the policy for long-term care, and the insurance company pays for care when those funds run out. And, if die without having needed expensive long-term care, your heirs receive a death benefit.
Another consideration is that the benefits are guaranteed. If you pay your premiums (usually for 10 years or less), you will have a contractually guaranteed death benefit, guaranteed cash value and a guaranteed amount of long-term care coverage.
Although hybrid policies provide you the ability to elect your long term care insurance benefits at the outset, monthly benefit, benefit period, and inflation protection they are not as flexible as traditional plans.
Some hybrid linked benefit insurance policies are funded with a one-time single premium up-front such as $50,000 or $100,000. Others are paid over short periods of time, which can make them very costly.
Plus, the premiums you pay for hybrid policies are not potentially tax-deductible, because hybrid policies are not considered tax-qualified policies.
With a traditional stand-alone policy, which can be custom-tailored to suit your needs, you elect your benefits at the start
Your premium is guaranteed renewable. Premiums are typically paid on a monthly, quarterly, semi-annual or annual basis. As long as you pay your premium, you will have coverage in-force. Most importantly because traditional policies are able to be customized. You are able to design the policies to account not only for your current needs but also to account for future inflation.
Give us a call and let’s discuss if it’s worth it for you to consider a hybrid insurance policy or if a traditional long term insurance policy makes more sense.
AskCarolB puts you at the center of everything we do. As licensed agents, we will guide you through the Medicare maze at no cost. We work with the top carriers in the nation to tailor a plan that meets your needs at the lowest price available.
AskCarolB truly cares that you are protected as you age. We provide clarity and security in the choices made.
AskCarolB.com is owned and operated by Ask a Friend, Inc., and is a privately-owned website. This Website serves as an invitation for you, the customer, to inquire about further information regarding Medicare Supplement Insurance, Medicare Advantage and Prescription Drug Plans, as well as Marketplace and Ancillary Health Insurance plans and submission of your contact information constitutes permission for a licensed sales agent to contact you with further information, including complete details on cost and coverage of this insurance. Individual products and features are subject to availability and may vary by state according to the carrier’s plan options. Premiums are based on ZIP code, age, household discounts and tobacco use and are not a guarantee of cost reduction.
This is a solicitation for insurance. Although we are contracted with many carriers, this is not a complete listing of plans available in your service area. For a complete listing please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov. AskCarolB.com markets a portfolio of a wide variety of health insurance and supplemental insurance products such as on and off-exchange health, dental, vision, hearing, indemnity plans, long term care, final expenses, etc. AskCarolB.com’s quoting platforms do not include all health insurance companies or all available insurance products.
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