What Types of LTC Policies are Available and How Do They Work?
Hi, this is Mathew Kryder, insurance advisor with Petschauer Insurance. Welcome to the final video of our four-part long-term care series.
In the past, we described how long-term care insurance minimizes the financial and emotional impact a debilitating health event can have on your family. Today I’m going to describe how long-term care insurance works and describe the two most common types of policies available to you. All long-term care insurance works the same way, and that gives you access to a pool of money should you have a qualifying event. You choose where to receive the care, whether it be at home or in a nursing facility, and the policy pays for that care.
One common type is a traditional long-term care policy where you pay the premiums until a qualifying event happens. You have a wide variety of options with these policies, such as you can add, include a non-forfeiture benefit, which if you decide to stop paying into the policy, you still have protection. There’s also a shared benefit where married couples can save costs by sharing in the pool of money.
The second most common type is combining life insurance with long-term care. What our clients like about these policies is that if they never suffer a long-term care event, the pool of money is paid out in the form of a death benefit even if they live a long and healthy life. You also have a limited pay option where the policy’s paid up in, say, five or 10 years, and you have coverage that lasts an entire life.
Which option is best for you? Well, that just depends on your set of priorities and unique circumstances. Give us a call. We’ll help tailor a long-term care policy to suit your needs and fit your budget and protect yourself and those you love. Thank you for watching.
Call Petschauer Insurance in Garden City NY at (516) 419 5050
Watch Video 3 of our series – CLICK HERE
Watch Video 1 of our series – CLICK HERE
Hi, this is Mathew Kryder, insurance advisor with Petschauer Insurance. Welcome to the final video of our four-part long-term care series.
In the past, we described how long-term care insurance minimizes the financial and emotional impact a debilitating health event can have on your family. Today I’m going to describe how long-term care insurance works and describe the two most common types of policies available to you. All long-term care insurance works the same way, and that gives you access to a pool of money should you have a qualifying event. You choose where to receive the care, whether it be at home or in a nursing facility, and the policy pays for that care.
One common type is a traditional long-term care policy where you pay the premiums until a qualifying event happens. You have a wide variety of options with these policies, such as you can add, include a non-forfeiture benefit, which if you decide to stop paying into the policy, you still have protection. There’s also a shared benefit where married couples can save costs by sharing in the pool of money.
The second most common type is combining life insurance with long-term care. What our clients like about these policies is that if they never suffer a long-term care event, the pool of money is paid out in the form of a death benefit even if they live a long and healthy life. You also have a limited pay option where the policy’s paid up in, say, five or 10 years, and you have coverage that lasts an entire life.
Which option is best for you? Well, that just depends on your set of priorities and unique circumstances. Give us a call. We’ll help tailor a long-term care policy to suit your needs and fit your budget and protect yourself and those you love. Thank you for watching.
Call Petschauer Insurance in Garden City NY at (516) 419 5050
Watch Video 3 of our series – CLICK HERE
Watch Video 1 of our series – CLICK HERE
