With traditional long-term care insurance, policyholders are required to pay premiums for life – even into advanced senior age. The longer people live, the more fatigued they often become with keeping up such policies.

Need proof?

Just ask anyone with such a policy who is now in their eighties or nineties.

What’s more, if no care is ever needed, years and years of policy premiums will be lost!

Hybrid long-term care insurance is an alternative to traditional long-term care insurance that helps eliminate these problems.

• • It protects against long-term care expenses while simultaneously protecting insureds from burden of lifetime premiums and the loss of premiums should care not be needed.
  • The child of two major federal laws, hybrid long-term care policies are created by combining an underlying life insurance policy or annuity with a rider or add-on amendment(s) to cover long-term care expenses.

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Guide to Hybrid Long-Term Care Insurance

Key features of Hybrid Long-Term Care Insurance.

Hybrid long-term care insurance is a life insurance policy or annuity that includes a rider (or riders) which expand coverage to help pay for qualifying long-term care expenses.

• • In general, if you don’t end up using the policy for long-term care services, you won’t “lose” the money you put into it.
  • This is because the underlying policy will still carry out its primary function as either an annuity or a life insurance policy.
  • If benefits are never needed, either the death benefit of a life insurance policy or the accumulated funds of an annuity can be left to heirs (i.e. pre-tax accumulations from annuities are taxable to beneficiaries).

Insureds can live a long life with the peace of mind of having long-term care coverage, but without the anxiety of constantly paying premiums which they or their beneficiaries may never recover.

• • Many hybrid policies require a fixed, upfront premium to be paid, though some contracts may allow for ongoing contributions.
  • Internal funds grow on a tax-deferred basis and qualifying long-term care expenses are generally paid on a tax-advantaged basis (i.e. subject to state and federal rules).
  • At the time of writing, at least one insurer offers a policy that can be purchased jointly. This allows both individuals in a couple to benefit from coverage under a single policy.

If you are over age 59 1/2, you may be able to easily fund your policy with your IRA.

• • Depending on the contract, additional riders may be available to provide protection for inflation as well as other extended benefits.
  • Hybrid long-term care policies are medically underwritten, but some individuals may find it easier to qualify for certain types of these policies.

Learn more now!

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