Updated Wednesday, October 1, 2014 as of 12:04 AM ET

New Combo Policies Offer Long-Term Care Option

As traditional long-term care coverage continues to lose ground -- due to escalating premiums, greater numbers of claims, lower returns and lower mortality rates -- a new set of insurance products has been gaining ground.

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Comments (4)
Often the decision is between a product that is guaranteed to pay but can cost more and does not have the State Partnership asset disregard protection. A traditional LTC policy that is use it or lose it has the Partnership. To reduce the risk couples should consider a shared LTC policy. But some will still be more comfortable with a Life/LTC or Annuity/LTC product. These are still health underwritten.

Realistically less than 10% will purchase some kind of protection policy for long term care. People look at long term care planning like they're going to live forever. They're not. As we age not only does the insurance cost more to start but the risk of being uninsurable increases.

Some say they will invest the premium money instead, you cannot out-invest insurance. According to Schwab you would need $1,380,000 in cash earning 5.2% interest to get $6,000 a month to pay for care, not including living expenses for family. In most states you can leverage your IRA/401k money to cover long term care expenses. http://guidtolongtermcare.com
Posted by Bob M | Thursday, June 26 2014 at 2:07PM ET
Dawn Helwig discusses how gender-based pricing of long-term care insurance will affect women. Find more: http://www.healthcaretownhall.com/?p=6637
Posted by Jeremy E | Thursday, June 26 2014 at 10:51PM ET
The cost of long term care insurance is one of the reasons why people shy away from this insurance product. There are actually factors that can help bring down premiums of long term care insurance according to http://freeltcquotes.com/ like age, health and policy features like benefit amount and elimination period. But there is a bigger reason why people are not fond of this policy anymore. Another reason is that the benefits of traditional long-term care insurance are no longer appealing to consumers. This is the reason why insurance companies have come up with new products such as hybrid products. It is a combination of life insurance and long term care insurance, which gives you death benefits and long term care benefits.

The needs of consumers are constantly changing and with these new combination products, I'm pretty sure they'll find the appropriate coverage that can secure their future.
Posted by Isabelle K | Friday, June 27 2014 at 5:35AM ET
Bob, Isabelle-- Thank you. You're right.

Jeremy-- Thanks. I'll have a look.
Posted by Bruce f | Friday, July 04 2014 at 1:35PM ET
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