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Long Term Care Insurance - Idaho

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family members pay premiums w/ qualifying insurance policyThere are a few types of long-term care insurance: traditional long-term care insurance, hybrid long-term care insurance, life insurance with a long-term care rider, and fixed annuities with a long-term care rider. 

Each type of coverage has different pros and cons worth considering.

What Are The Different Long Term Care Insurance Options?

ltc insurance company at assisted living facility nursing home - health aide signing document on family's financial future & personal care
  • Traditional long-term care insurance: Also known as standalone long-term care insurance, traditional policies exclusively cover long-term medical expenses in your home or a facility. There is normally an underwriting process. There are just a few insurance companies that offer these products.
  • Hybrid long-term care insurance: Also known as linked benefits or combo policies, these pair long-term care with life insurance or an annuity. A hybrid policy provides coverage for both extended care in your home or a facility along with a death benefit. If you never need long-term care, your loved ones would benefit from a life insurance payout after you pass away. Hybrid policies have become increasingly popular in recent years. There is normally an underwriting process.
  • Life insurance with a long-term care rider: Some life insurance policies let you add on additional coverage for long-term care via a rider. A long-term care rider lets you use some of the life insurance policy’s death benefit to pay for long-term care needs while you’re still alive. There is normally an underwriting process.
  • Fixed indexed annuities with a long-term care rider: A long-term care annuity is a deferred fixed annuity with a long-term care rider that provides enhanced coverage while protecting your money. These products normally do not require underwriting.

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