By now you are probably aware that traditional long-term care insurance in Alabama has unfavorable issues. Capital Retention can show you the benefits of switching to the new hybrid plans that are now available. First, let’s look at the problems with traditional plans.

Traditional long-term care in Alabama is a “use it or lose it” proposition. Just like auto or home insurance, if you never have a claim, your premiums are lost to the insurance companies. While you do benefit from the comfort of having coverage, even if you don’t use it, you end up donating your premiums paid in to those that do use their insurance. The next issue is the cost. With traditional plans, the long-term care insurance rates in Alabama keep going up. John Hancock had a single-year rate increase of over 80%, on their contract for federal employees. Shocked customers that could not afford to pay the huge increase, we offered a choice to keep paying their original premium, but take a substantial cut in benefits. That option defeats the purpose of buying the insurance in the first place. Many long-term care insurance companies in Alabama, gone out of the business or are still raising their rates.

Hybrid long-term care insurance in Alabama

Compare the failures of traditional plans, to the innovative hybrid plans that Capital Retention introduces. Hybrid long-term care plans in Alabama are a combination of life insurance and long-term care insurance. You should note that Capital Retention only partners with respected, well-known national insurance companies that have been doing business for decades. Their new hybrid plans can be divided into two categories – an estate plan for wealthy families and a inexpensive plan, suited for middle America and up. Here are benefits of each:

Estate Plan:

  • Guaranteed benefits – they will never go down
  • Guaranteed premiums – they will never go up
  • Tax-Free Death Benefit – your heirs receive more than all premiums paid in, if you never need long-term care
  • Premiums stay liquid – just like a bank account, you get all your premium back if you ever change your mind
  • Cash indemnity option to compensate family members for your care
  • Day one, 3-8X asset boost – pay a large one-time premium and your value in long-term care is 3 to 8 times more than what you paid in (example: $100K = $300-800K)

Middle America Plan:

Return to the HOME page and click on Flex-Plan Advantage for more information on this plan.

  • Cash Benefit to family caregivers – stay in your home longer, while your family or friends get paid for the care they provide for you
  • Flexibility – the most options and riders available for a custom plan just for you
  • Partnership-Qualified plan – every dollar your plan pays for your care, offsets a dollar of Medicaid spend down requirements, so you can transfer assets to your heirs
  • Lowest cost – premiums average just $200-$300 a month
  • Choices – stay at home with family or professional care, or assisted living / nursing care, and you can change from one option to the other as needs change

Alabama residents now have a host of choices when purchasing the best long-term care insurance, but don’t wait. You can only buy long-term care insurance while you are relatively healthy. The experts at Capital Retention will assist you, making sure you have the right balance of coverage and cost for your family’s elder care needs.

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