Long Term Care

Hawaii Long Term Care Insurance - Hawaii Insurance Company

Growing older is not a choice, being able to do it with dignity is something you can plan for. Long Term Care Insurance is designed to protect you against the added costs that are associated with assisted living whether at home or in a facility. In fact, the studies now show if you are age 65 or older, there is a 70 percent chance you will need some form of long-term care.

Traditional Long-Term Care Insurance

Traditional LTC Insurance plans let you determine the coverage and benefits for a set premium. Much like your health insurance, you can pay for the premiums on a regular basis and the policy will be structured for your needs. Considerations can include:

  • • Amount & Coverage Options: You select the amount of coverage based on the types of care you prefer – home, assisted living or nursing home.
  • • Duration: You determine the coverage period.
  • • Inflation Protection: You may select among options that allow your coverage to grow over time.
  • • Waiting Period: You may choose the length of time you will self-fund your care until your LTC policy kicks in.
Hybrid Plans: Life Insurance with Long-Term Care Benefits

Some life insurance solutions may provide an option for long-term care coverage allowing you to accelerate the death benefits to pay for your long-term care. Benefits include:

  • • A wide range of long-term care benefits including home care services, assisted living, adult day care and nursing home facilities.
  • • Flexible Premium Funding Options that can be fixed for life. This prevents you from having to face increased costs in the future.
  • • Flexibility as to how your investment can be used in the future. If you are fortunate enough to never need long term care, then the insurance amounts can be paid out upon death to your loved ones. Or the cash value can be withdrawn for you to use while you are alive.

So, if you value having access to better providers, don’t want to burden your children or loved ones with your care, and are interested in preserving your assets so they don’t get swallowed up quickly by a facility; then you should consider LTC Insurance. The labyrinth of LTC Insurance options can be overwhelming but working with your E.A. Buck advisor will help you determine the type and amount of long term care protection that is right for you.

Did You Know?

The national average cost of a private room in a nursing home exceeds $92,000 per year or $253 a day.
Source: Genworth Financial, 2016

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