According to the US Department of Health and Human Services, people turning 65 have roughly a 70% chance of needing long term care services at some point in the future.
Many people are vaguely aware of the financial risks associated with long term care but do not have an adequate plan to offset these risks.
Full-time care at a nursing home or assisted living facility can quickly deplete your savings, so it’s important to consider long term care when putting together a strong retirement plan.
However, due to the failure of the traditional long term care insurance model, it can be difficult and confusing for consumers to find the coverage they need.
The Hybrid Alternative
If you are incapable of self-insuring, the best option may be to purchase a hybrid long term care insurance plan that combines life insurance and LTC benefits on one policy.
It is generally advisable to start looking at hybrid LTC insurance plans when you are in your 50s or early 60s.
The younger and healthier you are, the better rate you will be able to qualify for. By securing one of these policies when you are still young and in good health, you will give yourself more time for an inflation rider to grow the pool of benefits in the policy.
If you are in your late 60s and 70s and do not have a plan to offset long term care costs, you may still qualify for a hybrid policy at an attractive rate. No matter what your circumstances are, it is worth exploring your options as soon as possible to see what is available.
At Hybrid Policy Advisor, our agents specialize in finding the best long term care solutions for each and every client we serve.
As an independent agency, we are not bound to any one company, and we make it our job to compare the best products and help our clients meet their financial goals.
To learn more about hybrid policies, or to request a quote, please call 1-866-365-6558, or click the button below to submit a quote request form.