Can I Guarantee Long-Term Care Insurance Benefits?

Long-term care insurance
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People should research long-term care insurance options prior to making a purchase.

Insurance is helpful in a variety of situations.

It helps protect large financial investments like a home or car.

People also utilize insurance to help pay for medical expenses.

According to a recent Yahoo Finance article titled “What Happens if You Don’t Use Long-Term Care Insurance as a Senior?,” some people mistakenly believe health insurance policies will also pay for nursing home or assisted living care.


Long-term care insurance benefits can be lost if not used.
People can quickly burn through their savings without long-term care insurance.

Most traditional insurance or Medicare policies will only cover a small number of nursing home days after an injury or surgery, if at all.

Seniors often will need more than this uncertain coverage when requiring assistance withdaily activities like bathing or dressing.

Because long-term care is costly, it can quickly wipe out a bank account.

A long-term care insurance policy can protect retirement savings.

Many people resist getting a long-term care policy because they fear receiving no benefits from a traditional long-term care policy if they die prior to using the benefits.

If this is a concern, other options do exist.

What are they?

Annuities With Long-Term Care Benefits.

Although not all annuities have this option, some will allow for additional payouts if you require long-term care.

After confirmation of this need, the annuity will provide higher monthly benefit payments.

These are determined by a multiple of the previously paid premiums.

Hybrid Long-Term Care Insurance.

A hybrid policy combines life insurance and long-term care insurance.

Although it often requires medical underwriting like a traditional long-term care insurance policy, the standards are typically less rigorous.

Policy options include access to lifetime or unlimited long-term care benefits.

Having one of these policies can grant peace of mind to those who are concerned about dying prior to using long-term care benefits.

Other considerations for finding a long-term care insurance policy is to review whether they provide full or partial premium return on unused benefits or whether they allow for a spouse to utilize unused benefits.

Although long-term care insurance policies with these options are more expensive, some people find the guarantee of some return to be worth the cost.

Discuss your options with your loved ones and start planning early to prepare for the possible need for long-term care.

Reference: Yahoo Finance (June 1, 2022) “What Happens if You Don’t Use Long-Term Care Insurance as a Senior?”

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