Is a hybrid long-term care insurance policy the right choice for you?

If you’re 50 or over, you’re likely spending at least some time thinking about buying long-term care policies.  These policies pay for care if you need continuing care either at home or in a skilled nursing facility.  There’s a 10 in 10 chance that you’ll die someday and a 7 in 10 chance that you’ll need long-term care.  So, why aren’t people trampling the crowds of people standing in line to buy long-term care insurance?  At least part of the answer lies in the fact that long-term care policies cost a lot of money.  If you don’t end up in a nursing home or you end up in a nursing home for a short period of time, people see that as essentially throwing their money away.  Mind you, the same thinking process is not used in determining whether to buy car insurance or homeowner’s insurance.  Still, the long-term care insurance industry notoriously raises premiums at stomach dropping rates so the cost can seem exorbitant to potential buyers.  One option is to consider a hybrid policy.  These policies combine the benefits of a long-term care policy should the policyholder ever need coverage with another form of insurance such as life insurance, should the policy go untouched.  Here’s a Wall Street Journal article with more details.  On Saturday, George Shipe with National Benefit Advisory will be our guest to talk about hybrid policies and whether you should consider purchasing one.  Please join us at 8:30 on KVI and on KIRO/KTTH from 10:30 to 11:30.