Long-Term Care Insurance

Manage the risks and costs associated with long-term care.

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Long-term care insurance throughout Washington in Longview, Wenatchee, Spokane, Olympia and Yakima.

Long-term care insurance may be your best option if you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time. We’ll help prepare you for the unexpected.

Not Your Parents Long Term Care Insurance

There are many more options to plan for LTC today than there were 10 years ago. Today’s Long Term Care options allow us to be flexible and find the right plan for most everyone. Having so many options can be daunting to clients and make them feel like giving up. This is where we step in. At HLP, planning for LTC is what we do. We start by looking at your individual health and financial situation. From there we can look at our dozens of carriers and products to find what best suits you. Remember if planned right you only have to set up your plan once in your life and your done! Here are a few pros and cons of policy types to get your started on your planning.

Hybrid Life / Long Term Care – Have your Cake and Eat it too

These Hybrid policies are becoming extremely popular. The concept is a simple one, access to life insurance death benefits for long term care. At HLP we have many carriers that offer this type of product.

Pro

  • Unused death benefit goes tax free to beneficiaries
  • Moderate underwriting
  • Rates can be guaranteed for life
  • Rates based on age and locked for life when you purchase
  • Women are less expensive

Con

  • Can cost more than traditional long term care because you get your money back in the form of a death benefit
  • Men are more expensive

Hybrid Long Term Care Annuities – low cost way to self insure

This option is great for those that want to self insure. By investing in a Hybrid Annuity with long term care you will only have to deposit one lump sum and your done. There are no premiums for the rest of your life coming out of your checking account. These guaranteed fixed annuities leverage your own money in a guaranteed safe annuity for LTC. Your money continues to grow and if left will pass on to your beneficiaries penalty free. As an example, one of our carriers allows for three times your account value for Long Term Care benefits and their current interest rate is above 3%. This option can be the perfect alternative for those that would like to self fund their Long Term Care Protection.

Pro

  • Your money grows in a safe account
  • Tax deferred growth
  • Your money is leveraged for LTC (for example a 100k deposit can be 300k for LTC)
  • Built in inflation protection because your money is making money and your LTC benefit is based on account value
  • You can draw your money out if need be
  • All unused money in account goes to beneficiary
  • Can be a great option for those that are a little late planning for LTC

Con

  • Must have at least $50,000 to invest with some carriers
  • There are surrender penalties for early withdrawal
  • There is a premium that comes out of your interest

Home Health Care Insurance

Home Health Care Insurance is one of the most affordable long term care options on the market. This option will only pay for home health care and not nursing home or assisted living costs. Most people want to stay at home to receive care. If you want to save some money on insurance and want to receive care at home, this type of insurance may be for you.

Pro

  • Very affordable
  • Liberal underwriting
  • Able to purchase with inflation protection for young buyers
  • Ability to purchase at older into your 80’s

Con

  • Only pays for home health care
  • You can’t be singled out for premium increases but your premiums can rise if everyone’s do

Traditional Long Term Care Insurance – Tried and True

Traditional Long Term Care is an oldie but a goodie. While there are plenty of fancy custom options available sometimes simple is the best option. These policies are typically very comprehensive in coverage and allow for big dollar benefits. The underwriting here can be prohibitive so the younger you purchase the better. At HLP we have several traditional Long Term Care insurance carriers to suit your needs.

Pro

  • Comprehensive benefits for Home health Care, Assisted Living and Nursing Home
  • Inflation options available
  • Custom riders are available to customize your policy

Con

  • Premiums can rise as group
  • Underwriting can be a problem
  • Women can pay more depending on the policy
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As an independent agency, we offer multiple options at competitive prices.

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