{"id":2324,"date":"2019-03-09T16:06:40","date_gmt":"2019-03-09T21:06:40","guid":{"rendered":"http:\/\/www.atyourbusiness.com\/blog\/?p=2324"},"modified":"2019-03-09T16:07:04","modified_gmt":"2019-03-09T21:07:04","slug":"paying-for-the-end-combining-long-term-care-and-life-insurance","status":"publish","type":"post","link":"https:\/\/www.atyourbusiness.com\/blog\/paying-for-the-end-combining-long-term-care-and-life-insurance\/","title":{"rendered":"Paying for the End: Combining Long Term Care and Life Insurance"},"content":{"rendered":"\n

<\/h2>\n\n\n\n

As a business owner, insurance becomes a murky world. You\u2019re totally responsible for making insurance decisions for yourself, not at the mercy of employer-provided insurance.<\/p>\n\n\n\n

A lot of the time, that raises more questions than answers. One of them is whether or not it makes sense to create a hybrid long term care life insurance policy. Over 50% of people<\/a> turning 65 will need long term care. On top of that, 19% pay for long term care out of pocket. <\/p>\n\n\n\n

If you\u2019re not planning to pay for long term care out of pocket, read on to learn more about combining long term and life insurance policies.<\/p>\n\n\n\n\n\n

What Does a Hybrid Policy Do?<\/strong><\/h2>\n\n\n\n

Long term care insurance covers a situation where you need in-home help or you\u2019re in a long term care facility. Long term care is usually necessary to help people do daily chores and activities like eating and getting dressed.<\/p>\n\n\n\n

This type of care isn\u2019t covered in Medicare or other health insurance policies. Long term insurance will reimburse you a certain daily amount for your care. There is a maximum number of days and a lifetime amount that the policy will pay.<\/p>\n\n\n\n

You can combine your life insurance policy to create a hybrid long term care life insurance policy instead of getting a completely separate long term care policy.<\/p>\n\n\n\n

With a hybrid long term care life insurance policy, you pay a big lump sum or a few years of annual premiums. With the lump sum, you\u2019re able to get long term care in the amount several times the amount you paid into your premium.<\/p>\n\n\n\n

If it turns out you need long term care, you\u2019re covered by your long term care policy. Using your long term care will reduce the amount that\u2019s paid out to your beneficiaries upon your death.<\/p>\n\n\n\n

At the same time, if you don\u2019t use long term care, those funds will go to your beneficiaries.<\/p>\n\n\n\n

Make a Smart Choice<\/strong><\/h2>\n\n\n\n

It\u2019s not easy to decide if this is the right move for you, your family, and your business. Here are a few tips to help you make your decision.<\/p>\n\n\n\n

If you only need life insurance, or you don\u2019t have a lot of cash saved up in CDs, then you might want to skip a combination policy.<\/p>\n\n\n\n

If you have money sitting in a low-interest account, then it would make sense to move it over. Paying a lump sum for the policy will save you from annual premium increases.<\/p>\n\n\n\n

You can check out this page<\/a> to find out more about individual insurance policies.<\/p>\n\n\n\n

A Hybrid Long Term Care Life Insurance Policy That Protects You<\/strong><\/h2>\n\n\n\n

Insurance can be confusing for small business owners, especially as you get older and your needs change. In this case, it could be a smart way to .<\/p>\n\n\n\n

Turning to a hybrid long term care life insurance policy can be the main reason why you and your family are protected if you need long term care.<\/p>\n\n\n\n

Would you like to know more about other insurance policies that can protect you and your business? Take a look at these types of that you should have.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

As a business owner, insurance becomes a murky world. You\u2019re totally responsible for making insurance decisions for yourself, not at the mercy of employer-provided insurance. A lot of the time, that raises more questions than answers. One of them is whether or not it makes sense to create a hybrid long term care life insurance […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2324"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=2324"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2324\/revisions"}],"predecessor-version":[{"id":2326,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2324\/revisions\/2326"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=2324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=2324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=2324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}