How to get Long Term Care Insurance?
Shopping and getting the right long-term care insurance is one hell of a ride of researches and advises to reach the final goal of right one. Stand-alone long-term care, fixed annuity with long term care benefits or life insurance policy with long term care addons are the three viable options available while making the choice. Which option is right for you? is the first question which rise. Weighing pros and cons, availing advisory service etc are few things one does will shopping for long term care insurances to reach for the right one. So, how shall we make this choice or reach to a conclusion? The answer lies as you read through.
Ways you can buy the long-term care insurance right are:
1. Annual funding life/long term care:
Assets based combined policy which give the flexibility that instead of depositing a lump sum, all at once one can make the cash deposit into the policy in a fixed amount over a period of years. In this though the cash value for the insurance care will not build up fast enough, yet it will ensure that premium will not hike with long term care insurance policy.
2. Long term care policy:
Long term care policy is affordable way to cover larger risks of unseen future. This policy covers all the benefits at one go for a longer duration. Though they can be expensive and rising premium, yet would give better future security. If one is looking for real long-term care protection then this is how one can get it and diminish the premium in long run.
3. Hybrid Policy:
Hybrid policy is none other than combination of life insurance policy with long term care policy. The concept solely lies on the fact that if you trigger your long term care policy it is separated from your life policy. As per the traditional part of the insurance policy on your death, your beneficiary will get the leftover of your life insurance policy. The advantage of buying it in hybrid form is that if long term care is not availed, you save the large premium of standalone policies, although sometimes the hybrid can be equally expensive.
4. Buy it from your employer:
Many companies offer its employees with lucrative long-term care insurance policies. Either as group long term care insurance or individual policy but at group discounts, one can get from the company. Usually for employers the premium is under business expense. By availing through your employee there is flexibility as far health eligibility is concerned.
5. Government offerings:
Federal and U.S. Postal Service employees and annuitants, members and retired members of the uniformed services, and qualified relatives are eligible to apply for long term care insurance coverage under the Federal long term care insurance program. While if you or member of your family is state government employee or retire can avail long term care insurance through state run programmers.
6. Sponsored by Continuing Care Retired Communities
Continuing Care Retirement Communities (CCRC) offer or require you to buy long term care insurance but one has to be a resident here or is at the waiting list to be part of this community.
For quotes and advise please visit: https://www.magaltc.com/long-term-care-insurance/