2 Ways That A Hybrid Long-Term Care Insurance Policy Can Benefit You

Insurance Blog

Hybrid long-term care insurance policies are a fantastic investment that is intended to provide you with financial assistance to cover any care that you may need once you have retired. Long-term care insurance can cover everything from multiple medical procedures, medication, live-in nursing care, and even long-term stays at a care facility. Listed below are two ways that a hybrid long-term care insurance policy can benefit you.

Protect Your Beneficiaries From Estate Taxes

One major benefit that a hybrid long-term care policy can provide is that it is a great way to protect some of your money from the large deductions that can occur when you pass away. For example, most of your estate will likely be subjected to estate taxes or probate when you pass away, which means that your loved ones and beneficiaries will not be receiving as much of your estate as you might like.

However, any money paid into a long-term care insurance policy is often immune to the effects of probate or estate taxes. This is especially nice when you consider that a hybrid long-term care policy allows you to leave any money that is remaining in the policy to your spouse, children, or another type of beneficiary. This is useful in the event that you passed away before needing to use all of the policy benefits or because you simply did not develop a medical condition that required the use of the long-term insurance policy before you passed away.

Avoid Becoming A Burden On Your Family

Another huge benefit provided by a hybrid long-term care policy is that it can help you avoid becoming a burden on your family in the future. If you should happen to come down with a debilitating illness or physical handicap, the required medical procedures and care that you could need can often be quite expensive. Without a hybrid long-term care policy, you may have to impose on your family to care for you or to come up with the money to pay for your care, which can be detrimental for everyone involved. 

However, a long-term care policy can help you avoid that by covering all of the expenses associated with your care. This means that you and your family can rest assured that you will receive all of the care that you need without having to drain everyone's bank accounts to do it. A hybrid policy even goes a step further and continues to provide for your care and nursing home or hospice stays even if the money paid into the policy were to run out before you pass away. 

Contact a long-term care insurance provider to discuss the various types of policies that they can offer you and to determine the best option for you. A hybrid long-term care policy can benefit you by protecting your beneficiaries from estate taxes and helping you to avoid becoming a burden on your family.

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26 September 2016

Auto Insurance:  Even High Risk Drivers Need It

About ten years ago, my auto insurance was cancelled. This took place after one too many accidents. I was now a high risk, and my provider was not willing to keep me on any longer. Since there was no way that I was going to get behind the wheel without coverage, I started checking out plans with high-risk insurers. Some were not all that great, but others offered benefits that were very close to my old plan. I soon found a provider who would accept my application, and I began to be a little more careful with my driving. If you are having trouble buying auto insurance, let me help. I'll tell you what to look for in a high-risk provider, and how to find the best one in your area. In no time at all, you'll be covered and ready to get back on the road again.