Long-term care in Connecticut is nearly double the national average. Long term care insurance in Connecticut is more crucial than ever, since 70% of us will eventually need it, the costs are much more than most of us realize, and it is not covered by Medicare. Here are some 2017 annual cost comparisons by state:

STATE Assisted Living/Year Semi-Private/Year Private Nursing/Year
CT $55,200 $145,872 $162,060
NC $39,000 $ 82,128 $ 91,248
FL $37,200 $ 94,920 $106,560

Maybe a retirement move south makes even more sense when you look at long-term care costs in CT. Just know that staying in CT will require double the premium in long-term care insurance, to avoid these estate-busting long-term care expenses.

What is Hybrid LTC Insurance?

As the name implies, the new hybrid long-term care insurance in Connecticut 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 two 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 your premiums paid in are lost to the insurance company. Rising traditional long-term care costs in Connecticut are the other huge problem. The new hybrid senior care insurance in Connecticut addresses 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, the premiums are locked in and will never go up.

Benefits of Hybrid LTC Insurance Plans in Connecticut:

  • 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 Connecticut 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 Connecticut. 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 Connecticut. 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.

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