Which type of policy is right for you?
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Long-term care insurance?
“Long-term care insurance” policies have changed significantly in the past 10 years. These policies now provide richer benefits for care at home, standardized benefit triggers, and larger benefit amounts. Today’s long-term care insurance policies can have as much as a million dollars of benefits. Since the older policies had such large rate increases, 41 states have passed strict pricing regulations to protect those who purchase long-term care insurance today.
Long-term care partnership policy?
“Long-term care Partnership” policies are special, government-approved policies that can help protect 100% of your assets from Medicaid even if your insurance policy runs out of benefits. These policies can be very affordable because you only have to buy an amount of insurance that is equal to the amount of assets you want to protect. For every dollar that your Partnership Policy pays in benefits, you can protect a dollar from Medicaid.
Life insurance linked with long-term care?
“Linked-benefit life insurance” policies combine life insurance and long-term care insurance. These policies usually have guaranteed level premiums. If you never need long-term care these policies pay a death benefit to your beneficiary.
Annuity linked with long-term care?
“Linked-benefit annuities” combine an annuity with long-term care insurance. If you never need long-term care your heirs inherit the value of the annuity.
Recovery care policy?
“Recovery care” policies are usually half the cost of long-term care insurance. These policies are designed to pay for two years of care (or less).