Many of us worry about who would take care of us if something happens, and no one wants to be a burden. Long term care (LTC) is the assistance or supervision you may need when you are not able to do some of the basic activities of daily living (ADL) such as:

• Bathing
• Dressing
• Eating
• Continence
• Toileting
• Moving in and out of bed

Here are some helpful resources to learn more about these subjects A stand-alone long-term care (LTC) insurance policy is designed to help cover the costs associated with long-term care services, which are not typically covered by health insurance, Medicare, or Medicaid. Here's how it generally works:

Policy Purchase: You purchase a stand-alone LTC policy from an insurance company. The policy will specify the terms of coverage, including the types of long-term care services covered, benefit amounts, duration of coverage, elimination periods, etc.

Premiums: You pay regular premiums to the insurance company to keep the policy in force. Premiums can vary based on factors such as your age, health status, the amount of coverage you choose, and the features of the policy.

Eligibility for Benefits: To qualify for benefits, you typically need to meet certain eligibility criteria specified in the policy, such as being unable to perform a certain number of activities of daily living (ADLs) independently or being diagnosed with a cognitive impairment.

Benefit Triggers: Once you meet the eligibility criteria, the policy will start paying benefits. This could include coverage for services such as nursing home care, assisted living facility care, in-home care, adult day care, and other types of long-term care services specified in the policy.

Benefit Period: The policy will specify a maximum benefit period, which is the maximum length of time for which benefits will be paid. This could be a certain number of years or a maximum dollar amount.

Benefit Amount: The policy will also specify the maximum daily or monthly benefit amount, which is the maximum amount the policy will pay for covered services each day or month.

Elimination Period: Many LTC policies have an elimination period, which is a waiting period before benefits are paid. During this time, you are responsible for covering the costs of care. The length of the elimination period can vary depending on the policy.

Policy Exclusions and Limitations: It's important to carefully review the policy for any exclusions or limitations on coverage. Some policies may exclude coverage for certain pre-existing conditions or may have limitations on coverage for certain types of care.

Claim Process: When you need to use your LTC insurance, you'll need to file a claim with the insurance company. The claims process typically involves providing documentation from a healthcare provider to verify your eligibility for benefits.

Coverage Renewal: As long as you continue to pay your premiums, the policy will remain in force, and you'll continue to have coverage for long-term care services according to the terms of the policy.

It's essential to thoroughly understand the terms and conditions of any LTC policy you're considering and to carefully compare different policies to find the one that best meets your needs and budget. Consulting with a qualified insurance agent or financial advisor can also be helpful in navigating the complexities of LTC insurance.

Loans and withdrawals: If taken, will reduce the death benefit. Loans and withdrawals from life insurance policies that are classified as modified endowment contracts may be subject to tax at the time that the loan or withdrawal is taken and, if taken prior to age 59½, a 10 percent federal tax penalty may apply. If tax-free loans are taken and the policy lapses, a taxable event may occur. Guarantees are based on the claims-paying ability of the issuing insurance company. 

A need for long term care may result from:

• Accidents
• Illness
• Advanced aging
• Stroke
• Other chronic conditions

Providing long term care can be time consuming, expensive and exhausting. Help protect your family and get the information you need to see if long term care insurance should be a part of your plan.

Hybrid Long Term Care Insurance combines long-term care insurance with a life insurance policy. Here’s how it generally works:

Premium Payments: You pay a set premium, which is often larger than a standard long-term care policy but guarantees your benefit.
Long-Term Care Benefits: If you need long-term care, the policy provides a daily or monthly benefit to cover those costs.
Life Insurance Component: If you don’t use the long-term care benefits, the policy pays out a death benefit to your beneficiaries.
Cash Value: Some policies may have a cash value component that builds over time, which you can borrow against if needed.
The main advantage of a hybrid policy is the “use it or lose it” aspect of traditional long-term care insurance is mitigated. If you don’t need long-term care, your premiums aren’t ‘wasted’ because they go toward the life insurance benefits.

Based on your specific needs and situation, we have access to many Long Term Care insurance providors.  We will show you Hybrid and stand alone contracts along with pros and cons of each strategy.