Blog

If you are planning for the future, you may be wondering what are the three types of long term care insurance.

First, let's talk about what long term care insurance is and why you need it.  

What Is Long Term Care Insurance?

While it’s not the most fun topic to discuss, the reality is that almost all of us will need long term care at some point in our lives.  This could be due to age, injury, or illness.  It could be a sudden need, or more gradual.  

If you are unable to perform basic activities of daily living yourself, you may need long term care.  The level of care you need may be medical or non-medical.  It may be provided in your home or in a facility like a nursing home or in an assisted living community.

3 Types of Long Term Care Insurance

A common misconception is that your medical insurance will cover any needed long term care, but this is not true.  It’s important that you understand the 3 types of long term care insurance so you can best plan for your future.

1. Long Term Care Policy - With this policy, you choose the criteria for the policy and make regular payments.  There is no cash value and the benefits of the policy end when you pass away, regardless of whether or not you utilized long term care.
2. Life Insurance Policy with Long Term Care Rider - In some cases (this varies by state), you can use the death benefit from your life insurance to pay for long term care.  Depending on how long you need long term care, you could exhaust these benefits and any payment made for care will be deducted from your beneficiary's payout.
3. Hybrid Life Insurance and Long Term Care Policy - This type of policy combines life insurance with a long term care rider.  With this option, you can cash out the long term care policy or transition it to life insurance.

Northern Virginia Long Term Care Insurance Experts

With several options to choose from, you may benefit from talking to one of the insurance experts at EZInsurance Advisor.  We can discuss your personal needs to find the type of long term care policy that is best for you and your family. 

Learn more about long term care insurance by downloading our free e-book!