2 Reasons To Consider A Hybrid Long-Term Care Insurance Policy

7 September 2016
 Categories: Insurance, Blog


One of the most important types of insurance policy that you can consider is a hybrid long-term care insurance, mostly because of the many ways in which it can benefit you. This type of policy is intended to help you pay for care in the event that you develop a debilitating disease or illness. Listed below are two reasons to consider a hybrid long-term care insurance policy.

Benefits Are Not Wasted

One of the biggest concerns that many people have with LTC (long-term care) insurance policies is what happens to the benefit if you pass away without having needed to use the policy. With a traditional LTC policy, no one gets the money and the policy simply ends. However, this can be a huge problem for many individuals as the premiums for LTC policies can be substantially higher than for other insurance types. 

However, a hybrid LTC policy can help you ensure that the benefits are not wasted. One reason for this is that the insurance company will let you cancel the policy after a certain number years, usually right around 10 or more. When you cancel the policy, the majority of the money that you spent on premiums is returned to you, which is helpful if you are getting older and feel that a debilitating disease is unlikely to occur before your pass away and want to leave the most amount of money possible to your family.

Another way that a hybrid LTC policy can help you avoid feeling like your benefits and money are wasted if you do not need long-term care is by providing a death benefit to your family once you pass away. In that situation, your family will still be able to receive portions of the money that you paid into your policy, and you still would have had the safety net in place if long-term care had been necessary.

Care Provided Even After The Funds Run Out

Hybrid LTC insurance policies typically work by subtracting a daily, weekly, or monthly payment from the money that you paid into the policy to pay for your care. However, this often leads people to worry about whether or not their care will continue after the money that they paid in runs out.

Thankfully, with a hybrid LTC policy, the insurance company would continue to pay for your care even if the money that you paid in is not sufficient to cover the long-term care that you may need for the remainder of your life. This is especially useful if you are worried about potentially burdening your family with the costs of your long-term care or having your family provide that care directly.

Contact a long-term care insurance provider today in order to discuss how their policies can benefit you while also determining which type of LTC policy would be the best fit for you. A hybrid LTC policy is a great way to ensure that no benefits go to waste and that you are cared for even when the money that you paid into your policy runs out.