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New products make Long Term Care much more affordable

Unless you’ve had a loved one who needed long-term care, you may not be aware of the emotional and financial stress it can cause.

While most Americans don’t believe they’ll need long-term care, in reality, 70% of those turning age 65 can expect to use some form of long-term care during their lives. Both Medicare and Medicaid offer limited options.

For years, private Long-Term Care Insurance was an affordable answer. But these stand-alone policies have had a troubled history of premium spikes because the insurers underestimated how long policyholders would live. While more than 100insurers sold policies in the 1990s, now fewer than a dozen remain. Sales have fallen sharply.

Market pressures and resulting innovation have led to the development of hybrid life insurance products that allow a policyholder to use the death benefit for long-term care. Policies now include riders (Long-Term Care or Chronic and Critical Illness) called Living Benefits. Any benefit not used for long-term care will be paid as a death benefit to the beneficiaries and premiums can be guaranteed.

Contact the life insurance experts at Mountain Insurance to discover how life insurance has anew use for your retirement.

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Most common Denver Long-Term Care Insurance questions from our clients

Are the triggers to activate benefits a hybrid life insurance policy the same as on an LTC policy?

Yes, they are typically the same. That is being unable to perform at least 2 of the 6 activities of daily living (eating, toileting, transferring, bathing, dressing, and continence).

How are Life Insurance benefits paid for long-term care?

We work with only companies that pay benefits on an indemnity basis. This means the policyholder will not need to present bills or receipts to receive benefits.

The premiums on my current long-term care policy keep increasing. Should I keep paying or consider one of the new life insurance hybrid policies?

As hard as it may be to accept, it could make sense to pay the higher rate if you can still afford it as the benefits on the older plans are rich. Contact us at Mountain Insurance for a policy review to determine if this is still your best option.

Mountain Insurance

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We are dedicated to providing our clients with the highest quality in business and personal insurance products and services at the most competitive prices in Denver, CO.

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