Like most things in Hawaii, long-term care for the elderly is about double the national average, in terms of cost. The cost of living in paradise, as they say. So, it should not come as a big shock that the cost of long-term care insurance is also about double the cost of the national average. However, Hawaii is equal with the rest of the states in needing long-term care – 70% of us will eventually need it – the costs are much more than most of us realize, and it is not covered by Medicare.
Capital Retention 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 an A+ rated insurer’s family plan. This option provides a cash benefit to family or friend caregivers for Home Health Care in Hawaii. Since paying for care at home can be half the price of nursing home care, your benefits will 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 Hawaii. 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.
We Also have Hybrid LTC Insurance for Hawaii
As the name implies, the new hybrid long-term care insurance in Hawaii 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 lose them. Rising traditional long-term care insurance rates in Hawaii are the other huge problem. The new hybrid senior care insurance in Hawaii 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 more than 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 locked-in premiums that will never increase.
Benefits of Our LTC Insurance Plans in Hawaii:
- 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
Is Hybrid LTC Insurance Right for You?
If you are looking for trustworthy long-term care insurance companies in Hawaii, contact Capital Retention. We partner with the most innovative, recognized national leaders in LTC insurance. Our partner insurers are all A.M. Best A+ rated and have been covering families like yours for 50+ years. Not only will every cent of your premium remain available to you, but these plans include concierge level Care Coordination Benefits to assist you with family, financial, and care logistics to assist you in your long-term care needs. Our professionals help in comparing the cost of long term care insurance in Hawaii, to find the best plan for your situation. Give us a call today, and we will fit you with a hybrid plan that protects your estate and your family’s needs.