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More insurance companies offering hybrid long term care

Many of our California readers, in the same manner as others in the United States, are interested in buying the appropriate amount of insurance. For those who are closing in on retirement age, or have already reached this milestone, long term care insurance is often a must.

Consumers are beginning to consider the benefits of hybrid long term care insurance policies, such as those that combine this type of coverage with others. With this type of policy, heirs of those who pass on without using their policy receive a partial premium refund.

According to a recent research study, 70 percent of people age 65 and older will need some type of long term care before they pass on. Medicaid can help cover some costs, but not everything.

Many insurance companies offer two types of policies: traditional long term care, and a hybrid policy in which this coverage is combined with a universal life policy.

Limra, a nonprofit research organization, found that sales of hybrid long term care insurance policies have increased nearly five times over the past five years. This is in contrast to a decrease in the number of traditional policies being purchased.

Regardless of your location, financial, or personal situation, making a decision on what to purchase will be based largely on your investment risk, how much money you are in position to spend, and whether you are comfortable with the idea of a hybrid policy.

With more companies selling hybrid long term care coverage, those who are in need of this type of policy should consider all their options.

Source:  The Wall Street Journal, “‘Hybrid’ Long-Term-Care Policies” Anne Tergesen, May. 04, 2014

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