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3 Pricey Risks of NO Long-Term Care Insurance & Our Hybrid Policy Solution

September 21, 2021

Medicare probably won't cover your long-term care insurance needs (activities of daily living) when the time comes. We discuss a hidden gem for long-term care insurance called a hybrid policy!

Here are three real risks of not having long-term care insurance:

  1. 3 out of 4 people will need some kind of assistance (home nurse, assisted living, or long-term care facility) as they age. Medicare generally doesn't cover long-term stays in a nursing home. 
  2. A lot of people think their employer offers long-term care insurance, but that isn't normally the case. Employers typically cover long-term DISABILITY in case you're unable to work for an extended amount of time. Long-term disability and long-term care insurance are two very different things.
  3. Long-term care is costly without insurance! In Genworth’s 2019 Cost of Care [1] study, they determined the median monthly cost of in-home care in the state of Georgia is $4,099. If you need a semi-private room in Georgia, the median cost is $6,722 per month. That’s over $80,000 a year for care.

A hybrid long-term care insurance policy is different than a traditional policy because of how flexible it is. Here are 3 benefits of a hybrid policy:

  1. It comes with an embedded death benefit. This means that your heirs would receive a death benefit if you were to pass away before using your long-term care insurance.
  2. A portion of your premium can be returned to you in the future if you want it back.
  3. You will receive a monthly benefit when you qualify for needing long-term care assistance.

We recommend looking at long-term care coverage as early as 40 years old. Long-term care premiums aren't getting any cheaper and the younger you are, the lower the cost.

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