Is Linked-Benefit Long-Term Care Insurance Worth It?
TL/DR –
Long-term care in the US, such as nursing homes or in-home health care, is costly, with one year in a private nursing home room averaging about $108,405 nationwide. One way to prepare for these expenses is to buy long-term care insurance, specifically a linked-benefit long-term care insurance plan, which combines coverage for long-term care with a traditional death benefit like a life insurance policy offers. This plan provides money for long-term care and leaves a financial legacy for your family to handle costs after you pass.
A linked-benefit long-term care insurance policy: A practical investment for your future
With an average cost of $108,405 per year for a private nursing home room, aging in America can be financially challenging. Long-term care insurance can be a solution, but choosing the right type of long-term care insurance is crucial.
One option to consider is linked-benefit long-term care insurance. It merges long-term care coverage with a traditional death benefit, similar to a life insurance policy. If you’re keen to purchase long-term care insurance, you can start comparing policies now.
Why choose a linked-benefit long-term care insurance plan?
A linked-benefit plan or a hybrid long-term care insurance plan offers multiple benefits:
Benefit for your family
A linked-benefit plan can cover the funeral and probate costs, relieving your family from financial stress. Jeff Beligotti, a vice president and head of long-term care solutions at New York Life, explains, “Linked-benefit plans combine long-term care insurance with life insurance, providing broader coverage and greater flexibility while including a death benefit.” Find a long-term care insurance policy that works for you.
Covers various types of long-term care
A linked-benefit plan covers a wide range of services like full-time care in a nursing home, assisted living, in-home care, hospice care and occupational therapists. Some plans even compensate family members who provide care.
Consolidates your insurance
A linked-benefit plan amalgamates long-term care insurance with life insurance, simplifying your insurance portfolio. “Linked-benefit long-term care plans are more versatile, providing long-term care coverage if you need it, life insurance if you don’t, or a combination of both,” adds Beligotti.
In conclusion, a linked-benefit long-term care insurance plan could be a great option if you want to leave some money for your family while also offering coverage for long-term care. Make sure you understand the policy details before making a purchase.
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