Baby Boomer Disillusioned By LTC Insurance Plans? Hybrid Long-Term Care Insurance May Be Perfect for You

If you are of the baby-boomer generation and haven't begun planning for the expense of long-term care, then you need to start. Financial experts advise that everyone should enroll in an LTC insurance plan by the age of 60 even if they have no family history of chronic medical problems. Those who do have a family history of chronic health problems, including dementia, should find a policy much sooner. However, you may be considering rolling the dice and not obtaining an LTC policy due to fear that it will just be a "waste of cash" if you never end up in an assisted living or nursing facility. If this sounds like you, then you need to learn about hybrid long-term care insurance and how it differs from typical long-term care insurance policies. 

Why Long-Term Care Insurance Is So Important Today

Of course, no one wants to end up in long-term care, and very few people ever expect their health to take a turn for the worse in their golden years. Unfortunately, the fact is that 70 percent of today's 65-year-old adults will end up spending some time in a long-term care facility in the future. Specifically, 20 percent of today's 65 year olds will spend five years or longer in a long-term care facility, while 50 percent will spend an average of between 2.2 and 3.7 years in these facilities. Long-term care is expensive, and if you are like most people, you don't want to end up having to sell off your assets to fund your stay. A long-term care insurance policy is simply a must-have today for every baby boomer. 

Now that you know why long-term care insurance is just so important to your financial future and your family's, you need to know about hybrid long-term care insurance and how it differs from standard LTC plans. 

Why Hybrid Long-Term Care Insurance Is a Better Option 

While every hybrid LTC insurance plan differs depending on the insurance company and the options you choose, hybrid long-term care insurance offers you many great advantages over traditional LTC insurance. First, policies offer combined life insurance and long-term care insurance, so it eliminates the hassle of having to manage two separate policies. However, the simplicity of managing just one policy compared to two is not its best advantage by far. The biggest benefit of  hybrid LTC policies over traditional LTC plans is that if you beat the odds and never need long-term care, all of your policy payments don't go to waste! The money gets passed onto your family as part of your life-insurance payout! 

In fact, even if you do end needing a long-term care stay, the balance left in your policy above and beyond the cost of your stay is still passed onto your family. Another advantage of hybrid long-term care insurance is that like many whole life-insurance policies, they are often flexible. If you need to borrow or withdraw cash from your balance while you are alive, you can!

If you are a baby boomer, then now is the time to choose a long-term care insurance policy. With a hybrid LTC policy, you don't have to worry that you will ever "lose out" by staying in great health during your golden years!