Long-term Care 101

Long-term Care 101

Long-term Care Coverage with a Twist

Traditional long-term care insurance can do a lot for you. It covers non-medical assistance with the “acts of daily living (eating, dressing, bathing, continence, transferring, and toileting).”

It pays for the assistance we need to stay at home and the cost of care in a facility. It provides peace of mind, allows us to be independent longer, prevents us from being a burden to loved-ones, and conserves our assets.

But what if we never really need it?

The insurance man in me wants to answer that with “what you paid for is insurance against the risk of needing that care.” And that is true; like fire insurance or auto insurance, you pay for it and hope you never need it.

Now I have another answer, “consider asset-based long-term care insurance.”

With asset-based (sometimes called “hybrid”) long-term care coverage, the premium pays for more than just long-term care. Yes, you get all the coverage that traditional long-term care insurance provides (and benefits are triggered the same way), but you get more for your money because it also includes life insurance or annuity features. If you never need long-term care, there are “living” benefits and, if needed, a death benefit goes to your beneficiaries. The “living” benefits include access to cash. These policies can provide access to cash it in the same way as other “permanent” life insurance or annuities do.

You select which type of coverage you want, life insurance with long-term care or an annuity with long-term care.

Life insurance with long-term care requires a screening and is underwritten much like any such insurance. It can be paid for with periodic premiums, in ten annual installments, or in one lump sum. This coverage can be purchased inside an IRA (individual retirement account) or with RMDs (required minimum distributions) from an IRA or 401K plan.

Annuities with long-term care coverage are also medically underwritten but easier to qualify for than the life insurance option. The funding of this annuity-based coverage can also be through an IRA.

Both life insurance and annuity coverage is available for one or two insured persons on one policy and the long-term care coverage can be extended to lifetime coverage.

The cost of asset-based long-term care coverage is surprisingly affordable. It compares favorably to traditional long-term care, especially considering the additional features offered.

It should be noted that there are conditions that apply to the approval of the features of these policies. A consultation is required to determine how the coverage will apply in each specific case. At Insurance 101 we never charge for consultations.

While this coverage may not be well known, it has been around for decades. There are highly rated and financially strong insurance companies we represent that offer coverage of this type.

Asset-based long-term care is definitely worth considering. Its flexibility is very valuable in planning for the future. Details are just a phone call away.

C. Lawrence “Larry” Thomas

C. Lawrence “Larry” Thomas began working with long-term care and Medicare programs in the mid- 1980s. He is currently associated with Insurance 101 Services to provide long- term care solutions to seniors and those approaching. Larry can be reached at (949) 374-3316 or ltinsurance@me.com.
CA Insurance License # 0C79256.

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