One of the things to do when you are planning for your retirement is to set some money aside to take care of any long-term care that you may need due to a potential disability or critical illness. A hybrid long-term care policy is an insurance policy you can purchase to ensure that your medical expenses are covered should you find yourself in need of long-term care, such as a stay in a senior care facility, hospice, or simply needing a live-in caregiver. Listed below are two reasons to consider buying a hybrid long-term care policy.
Money Does Not Go To Waste
One of the biggest issues that may people have with the idea of a traditional long-term care policy is that they will end up spending years on insurance premiums only to end up having all of that money go to waste if they do not end up needing long-term care. In that situation, a hybrid long-term care policy is one of the best options available because the money is not wasted if you do not end up needing it.
This is because a hybrid policy will allow you to leave any unused benefits in the policy to your surviving spouse or to another beneficiary in your will. In addition, some hybrid policies will allow you to transfer your long-term care policy to your spouse once you pass away so that he or she can take advantage of those benefits should he or she need them.
Another financial benefit of a hybrid long-term care policy is that it does allow you to maximize an inheritance for your beneficiaries. The reason for this is that the money held in a hybrid policy will often be exempt from probate or estate taxes.
Coverage Will Not End
Another reason to consider a hybrid long-term care policy is that the coverage will not end simply because the money that you paid into the policy has been drained by your medical treatments. This is because a hybrid long-term care policy will utilize the funds that you have paid in first to cover your medical expenses, then the insurance company will cover the rest of your long-term care expenses until you pass away. This is a fantastic option as it eliminates the chances of you having to become a burden on your family or have to leave a senior care or hospice facility because the funds ran out.
Contact an insurance company that offers long-term care policies today in order to discuss the many ways in which a hybrid policy benefits you and your family. A hybrid long-term care policy is a great choice because it will ensure that the money paid into the policy does not go to waste and that your coverage will not end when the money paid into the policy runs out.