What is Hybrid LTC Insurance?
Hybrid long-term care insurance in Alaska is a mix of two traditional plans – long-term care insurance and life insurance. Life insurance alone is designed to take care of our heirs upon death, when they face life without our income, or it insures a planned gift to our children. However, if we end up like most Americans, needing long-term care before our death, our families face a monumental challenge in paying for that care, before life insurance benefits are ever available.
Cost of Long-Term Care in Alaska
Alaska has long-term care rates over double the national median cost. An assisted living facility costs $6000/month, and nursing home care was a whopping $24,300 per month in 2017. That’s $291,600 annually. This means your premiums will also be double or more than what most states pay. This makes a move to a lower priced state an option to think about as you grow older. Alaskans would be wise to start looking at long-term care options now, while you are still healthy enough to qualify for insurance.
Benefits of Hybrid LTC Insurance Plans in Alaska:
- Liquid assets—you can withdraw your premiums if needed—they stay liquid, like a bank account
- Flexible payment options—Asset-based reposition of assets you already own, 1035 Exchange (cash value life insurance transfer), or a Multi-Pay Plan of 5, 7 or 10 annual payments
- Guaranteed benefits and guaranteed premiums that never go up
- Immediate value boost of 3-8X what you pay in, depending on your age at contract issue
- Covers all your LTC needs, whether you require in-home, nursing home, or assisted living care
- Available nationwide—if you move to a warmer climate or closer to your children, you’re still covered, and an included Care Coordination Benefit will help you with all the arrangements
Hybrid plans are one of the most flexible options for Alaska long term care insurance; contact the caring professionals at Capital Retention for guidance in choosing the best plan for you.
Capital Retention also has an Age in Place Option
Would you like to age at home and enjoy your independence? Do you have family caregivers that may be able to care for you, how about friends living nearby? Capital Retention can introduce you to another A+ rated insurer’s plan. This option provides a cash benefit to family or friend caregivers for Home Health Care in Alaska. Since paying for care at home can be half the price of nursing home care, your benefits could last twice as long too. These plans are much more affordable than our estate plan and come with a host of optional coverages and riders. We are here to answer all your questions about the options and riders available, and how they impact your premium. Plans with so many options make it easy to fit you with just the right solution for your family’s unique needs, and at a cost that you are comfortable with.