Long Term Care (elder or dependent care) can be a wrenching life event both financially and emotionally which affects an entire family, no matter what age. As the elder population increases more of your clients will be looking into LTC and the options available to them for coverage.
Long Term Care Insurance helps pay for both medical and non-medical expenses when the insured begins to receive their LTC benefits. We can all agree that Medicare is a start but it is far from being complete coverage. Did you know that costs associated with care received in an assisted living facility, a nursing home, or in-home care, are generally not covered by Medicare! Long Term Care coverage can help these costs from depleting your client’s or their family’s hard earned savings. Additionally, Long Term Care Insurance allows for in home care which is always preferable over a Nursing Home.
Use our LTC Calculator to illustrate the cost of elder care
New Alternatives to LTC
However, there is a new revolution in Life Insurance greatly affecting Long Term Care; THE HYBRID POLICY. These are Life Insurance Policies that provide provisions for Long Term Care, and some even offer riders for Retirement Income, Return of Premium, and other benefits. This combination of Long Term Care funding with Life Insurance has opened a new door in an Industry fraught with increasing premiums and diminishing benefits! Long Term Care has been through some rough times as of late. Although still a viable product it needs to looked at closely when sold. Hybrids offer a gateway to an entirely new clientele!