If you’re looking at Hybrid Long Term Insurance reviews are important to compare companies. A real independent agent will keep your best interest in mind, and show you an unbiased perspective of the entire Hybrid Long Term Care Insurance reviews market. While captive agents, (agents that are paid more to push their sponsoring company) are going to drive you to the company that pays them the most commission. Working with the correct agent can help you become the boss of your own future and help you plan for after retirement.
Don’t Rush To Decide What’s Best For You
Don’t let your agent rush you into making a decision that’s not right for you. Take your time reviewing all of the available information and review the sales process until you feel comfortable knowing what you’re signing on to. You are in charge of choosing the policy that you’re happy with and has the right amount of coverage for you.
What You Need To Know
Hybrid insurance is a combination of life and long-term care insurance. Another explanation of hybrid long term insurance is a traditional policy with a long-term care rider. Hybrid long term care insurance covers the costs of assisted living if you need daily care, whether in a nursing home, assisted living facility, adult day care/community care or in home care. This means that if you have a hybrid long term care policy then become in need of care you have choices in where and how you’d like to be cared for without worrying about depleting your assets. For many people this can be an attractive option. Hybrid long term insurance helps protect people’s retirement nest eggs from being diminished by ailments or long term care needs. Retirement can quickly be depleted once someone can no longer care for themselves financially and this can keep you from being in charge of how you’re taken care of and whether or not you can afford your own care as you age.
What To Look For In Hybrid Long Term Care Insurance
Financial Strength Rating: Someone searching for hybrid long term insurance should first look at companies with reviews and financial strength ratings. Also look for companies with Good reputations for treating its policyholders fairly. When you have to use your policy and need to collect your claims you want to be working with a company who has good financial strengths. The best providers are very stable with A+ ratings or better from AM Best.
Competitive Pricing: Many companies are competing for your business and because of that your agent can do side by side comparisons of multiple companies and their pricing and products. Insurance companies will charge markedly different prices all for the same benefits. Rates with certain companies might be 50% higher than others.
Qualifications: Can you qualify for hybrid long term care insurance? To be eligible for a hybrid long term policy you must be between 50-70 years of age and within certain health criteria and able to pay the premium for the policy and or pay a lump sum upfront.
Underwriting: Underwriting guidelines vary from company to company and one company may decline someone while another may approve them. If you are declined you may also be able to appeal the decision and try again to be approved if you believe something has unfairly been depicted or if your health has changed for the better, since you began the process.
When Does Someone Need To Use Their Hybrid Long Term Care Insurance?
Hybrid long term care insurance reimburses the policyholder a daily amount (typically after 90 days) for services to assist them with activities of daily life such as, bathing, dressing, and eating. There are 6 daily living activities which are considered signs of needing Hybrid long term care and those are the inability to clean oneself or perform grooming activities like shaving and brushing hair or teeth. Being unable to dress oneself, having trouble buttoning or with zippers. Not being able to physically feed oneself. Being unable to move from bed or chair and being unable to walk without assistance. Toileting, which is being unable to get on and off of the toilet without assistance and finally continence which is the loss of control of the bladder and bowel functions.
With all of this said the most important thing to remember is to work with an independent agent you can trust and will work hard to make sure you understand the material and process so that you can be the boss of your own decisions. An agent will help you compare different policy options and let you know if you can qualify for certain riders and help answer any questions you have throughout the process. You should also always keep in mind that policies and pricing is often being revised so if you cannot qualify now or cannot afford the policy you want, that doesn’t mean you’ll never be able to. Currently Brighthouse, Minnesota Life (Securian) and Nationwide offer the best options for most people looking for hybrid long term car insurance.