Types of Coverage We Offer
This is the type of coverage that most people think of when they think of long term care insurance. It is much like your auto insurance, homeowners insurance, health insurance, and pretty much every other type of insurance. You purchase the insurance “just in case”. There are numerous ways to customize a plan from something that would pay for a portion of your care for a short period to something that would likely pay for all or most of your care costs for an extended period of time…
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Linked/Hybrid policies are policies that “link” LTC to a life insurance or annuity policy. Often it is possible to roll over the cash surrender value of an existing policy into one of these policies and obtain the additional benefit of being able to use the policy for long term care costs if needed.
While there are several varieties of these policies, the typical policy provides a multiple of the death benefit if long term care services are needed…Read More >>
Those who are already in need of care will not be eligible for any of the options already listed. However, a program called “Life Care Planning” allows those who are receiving care who have life insurance plans in place to convert those life insurance plans into cash flow to pay for care services. While not right for everyone, this provides an option to use an available resource to pay for private care services and also qualifies as an appropriate Medicaid spend-down.
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Sometimes a long term care policy isn’t a good fit—either because of health conditions or for financial reasons. A Short Term Care policy may be a good option in those circumstances. The health requirements to get a policy are not as stringent. The policies provide more services more limited in scope and duration and thus are more affordable than a long term care policy…Read More >>