Hybrid Long Term Care Insurance: Read 7 Plan Differences

hybrid long term care insuranceHybrid long-term care: September 23, 2020:  An initiative focused on educating consumers about hybrid long-term care insurance policies has been launched by the American Association for Long-Term Care Insurance (AALTCI).

“More consumers have been calling with questions about these increasingly popular options but they clearly don’t understand there can be significant differences between policy costs and benefits,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  “Often they are presented with one plan option and that may or may not be the best option available for their future wants and needs.”

The Association has created a new presence on the organization’s website that spells out seven differences between available hybrid plans.

“Our goal is simply to make consumers aware of the differences,” Slome notes.  “You only buy long-term care insurance protection one time and so it is vital to get as much information as possible before you spend what can be a considerable amount of money.”

The long-term care insurance expert points out some of the significant differences include how one is ultimately paid benefits.  “Some policies offer a limp sum cash payment once you meet the claim qualifications,” Slome explains.  “Others are more restrictive and reimburse and may have requirements regarding who can provide care.”

Most hybrid long-term care policies are life insurance policies.  “The ability to have a death benefit paid to beneficiaries is something that makes these attractive to consumers,” Slome notes.  “One policy will provide a death benefit greater or equal to what you paid in. Another will have lower death benefit but higher LTC benefit amounts.”

To learn more about hybrid long-term care insurance visit the organization’s website.  The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance professionals who market long-term care insurance.  To get information or request long-term care insurance quotes from a specialist in your area call the organization at 818-597-3227 or visit their website at www.aaltci.org.

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