Skip to ContentSkip to Footer

A Special Notice to Washington Residents, or those from Oregon or Idaho who work in Washington

Hybrid LTC and Term Life Insurance

Hybrid

An Alternative to Traditional Long Term Care Insurance

One of the innovative approaches to handling long term care planning to asset based or hybrid insurance. It allows the policy holder to be reimbursed for some or all of their long-term care costs should they need extended care in their home, assisted living or in a nursing facility. If the policy holder does not need long term care in their lifetime their beneficiary will receive life insurance upon the death of the policy holder. For well-off people in particular, this alternative to traditional policies or the option of self-insuring could be an attractive possibility.

A person can buy a hybrid policy by paying a one-time lump sum premium or by paying over a number of years. With this type of policy there could not be a rate increase in the lifetime of the plan (many traditional LTCI plans either build in rate increases in the structure of their policies or can be susceptible to rate increases down the line). With what is called a COB (Continuation of Benefits) rider, a hybrid policy can be turned into a lifetime unlimited plan.

Hybrids, however, are not for everyone. They do require significant assets to fund and inflation protection as an add-on rider can be prohibitively expensive. For most individuals in good health with a modest financial estate, a traditional long term care insurance plan is typically the most affordable option. It is pure insurance that is meant to cover the financial risk of an average long term care event in a person’s life (statistically about 3 years times the annual cost of care for in-home care or assisted living in current dollars per person).

Read more about Asset Care Managing Long-Term Care Spending Risk in Retirement

Read more about Asset Care Long-Term Care Hybrid from One America

Contact Joel

This field is for validation purposes and should be left unchanged.

Customer Reviews

We found him to be very knowledgeable, personable, and exceptionally responsive.
KT
Kim T,
Spokane, WA

Customer Reviews

I wouldn’t call you a salesman, I would call you a guide.
DB
Don B,
Petersburg, AK

Customer Reviews

Thank you again Joel for all your help.
BF
Becky F,
Powell, WY

Customer Reviews

It has been a pleasure to work with Joel.
CJ
Carolyn J,
Spokane, WA

Customer Reviews

Joel was so helpful-he even arranged a conference call with my carrier…
MM
Meg M,
Spokane, WA

Customer Reviews

We recommended Joel to our class and to our friends.
JD
Jim D,
Post Falls, ID
We Want Your Opinion!
Write a Review
Filing a ClaimTake advantage of the insurance carriers’ 24/7 Claim Support Service to report a claim directly to the insurance company or contact Agency Insurance. Learn More >

Pay OnlinePay your premiums by EFT (Electronic Funds Transfer), e-check or by credit card.
Learn More >

Shaking handsSubmit a form to request a change to your current insurance policy.
Learn More >

Below is a link to the state of Washington government website that oversees the state mandated long-term care insurance program known as the Cares Fund. The website provides up-to-date, real time information about how the program is being administered, recommended improvements to the plan from a special oversight taskforce, and the ability to participate in Zoom meetings relating to the Cares Fund and the opportunity to provide comments and suggestions to state legislators and administrators of the program.