If you or your spouse haven’t already taken the important step of purchasing a Long Term Care Insurance policy to prepare for your future, long-term care needs, then there’s never been a better time to buy.  Prices are continuing to rise so it’s best to lock-in the best deal you can now in order to see the benefit down the road.  Also, as a recent article notes, there are now more options in Long Term Care Insurance policies that make this type of coverage even more attractive and critical to any sound financial or retirement plan aimed at delivering a secure retirement to policyholders.   

First, some basics to help you understand the market for Long Term Care Insurance.  This type of insurance may not be for everyone.  If you have little to no savings and no assets, you’ll qualify for Medicaid.  At the other end of the spectrum, if you have more than 5 million in the bank, you can probably “self insure”.  But, for the vast majority of us, we fall “in the middle” and will need help in covering the high cost of long-term care, which includes services such as nursing homes, assisted-living and in-home care.  These services are expensive and not covered by regular insurance.  Thus, the need for Long Term Care Insurance.

What’s new in Long Term Care Insurance policies?

So, what’s new in Long Term Care Insurance policies?  Recently, carriers offering Long Term Care Insurance policies have started to address the complaints and requests from the market by offering more options in their policies. For example, many consumers complain that they may never need their Long Term Care Insurance policy if they pass away before they can use the benefits. The industry has responded with the following new options and products:

• Shared care products.  These plans allow a married couple to take out policies that are connected so that if one spouse passes away, the benefits are conferred to the other spouse.
• Hybrid products.  Some companies offer ways to combine Long Term Care Insurance Benefits with Life Insurance.  “Hybrid provides a way to set up a pot of assets that can be used for long-term care. And if it is never needed for that, the family will receive a life insurance benefit.”
• Long-term care partnership programs.  This is an innovative solution developed between private and public/government partnerships that encourage people to purchase a Long Term Care Insurance policy.  Currently available in 40 States, “Americans who have a state-approved, private long-term care insurance policy will be able to hold onto more of their assets if they later need to apply for Medicaid.”

Put these options to work for you today

If you’re interested in exploring some of the new products and options in Long Term Care Insurance policies, why not fill out our form and we’ll get you quotes from the top carriers in the country.  Here at LTC Tree, we understand the Long Term Care Insurance marketplace and can assist you with navigating the many options, including some of the new innovations in policies.  After we’ve sent you your quotes,  we’ll help you navigate the options in your Long Term Care Insurance policy and make sure you get a plan that is right for you and your family, no matter your personal or financial status.  Thanks for reading today’s blog and be sure to check back on ltctree.com for the best in Long Term Care Insurance policy advice, rates, quotes and comparisons.