Did you know states are now looking at heir’s estates and seeking reimbursement for their parent’s Medicaid payments for Long-Term Care? Impoverishing Mom and Dad through asset transfer just prior to entering a care facility is no longer an option in Colorado. Estates now have a 5-year lookback period, when scrutinizing estate transfers to qualify for Medicaid. Long-term care insurance is now more crucial than ever, and 70% of us will eventually need it, the costs are much more than most of us realize, and long-term care is not covered by Medicare. You need to look at all your options, and that is where Capital Retention can help you and your family make the right financial plans.
What is Hybrid LTC Insurance?
Hybrid long-term care insurance is a mix of two traditional plans – long-term care insurance and life insurance. This new strategy is an important part of retirement planning and provides coverage for major issues that most of us will face. 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.
Likewise, older traditional long-term care insurance plans have big problems, you either use the care benefits, or you lose them. Rising traditional long-term care insurance rates in Colorado are the other huge problem. Our new hybrid senior care insurance plans, in Colorado, address these issue in three ways.
First, your premiums stay liquid and you can get all your money back if you ever change your mind, or need the cash back. Secondly, if you would die without ever requiring long-term care, your heirs receive 100% of the premiums you paid, in the form of a tax-free death benefit. Finally, the hybrid LTC plans we recommend for estates have guaranteed benefits and premiums.
Benefits of Hybrid LTC Insurance Plans in Colorado:
- 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 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 Colorado long term care insurance; contact the caring professionals at Capital Retention for guidance in choosing the best plan for you.
Options to Begin Your Hybrid LTC Insurance
If your estate has any poor-performing assets, such as a bank CD, or grain in storage, the Asset-Based Premium Plan for long term care insurance in Colorado can help. Capital Retention will show you how to reposition those assets you already own, into a single premium payment. The assets you transfer are then worth 3-8 times your single-premium amount, in long-term care benefits, from the first day of your policy. The 3-8X multiplier is based on your age at the time of policy issuance.
A 1035 Exchange is also available if your estate has grown such that an older life insurance policy is no longer needed. The cash value can be repositioned to cover your new hybrid policy premium.
You may also divide your premium over a longer span of 5, 7, or 10 years of annual payments, to better meet your current cash flow, while planning wisely for your future.
All these options will keep your estate, your spouse’s retirement assets, and your children’s inheritance from being overwhelmed by long term care costs. You want to leave a legacy for your children, not excessive long-term care debts. Contact Capital Retention for more information on long term care insurance rates in Colorado.
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 Colorado. Since paying for care at home can be half the price of nursing home care, your benefits could last twice as long too. This option is also a state Partnership-Qualified long-term care plan, which provides a dollar for dollar offset in what your estate can transfer to heirs, while still meeting the requirements for Medicaid long-term care in Colorado. The State of Colorado requires a 1-5% inflation rider to be added to this plan, to help keep pace with inflation. 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 plan options and riders, to help your family get the coverage you desire at an affordable price. So, please give us a call as often as you would like – we are here to help you!