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Do Hybrid Long-Term Insurance Plans Cover Assisted Living?
Date Updated: July 26, 2024
Written by:
With over a decade of dedicated experience, Andrea Miller boasts an extensive background in healthcare writing and editing. Her expertise spans various facets of the healthcare industry, with a particular focus on nursing, senior care, Alzheimer’s disease, and public health. Andrea has also contributed her editorial talents to reputable publishers in the Philadelphia region, complementing her extensive freelance work.
Reviewed by:
Gene Altaffer has a Masters in Gerontology from the University of Southern California and has worked in many avenues along the continuum of long-term care, assisting thousands of clients and their families since 1995. He also sold long-term care insurance from numerous carriers while also assisting families with retirement planning. Gene helps seniors navigate their Medicare plans, ensuring they understand their benefits and options.
Hybrid long-term insurance plans do cover assisted living. These policies combine life insurance with long-term care insurance, which includes assisted living. The specific terms of long-term care coverage vary depending on your insurance plan and provider.
How do hybrid long-term insurance plans work?
If you never need long-term care, the policy pays your beneficiaries the full policy value when you die. The life insurance component of the hybrid plan consists of either a permanent life policy or an annuity.
What types of hybrid long-term insurance plans can I buy?
You can buy several types of hybrid long-term insurance plans, including long-term care riders, linked benefit plans and chronic or critical illness riders. Linked benefit plans cover long-term care benefits up to about five times your premium cost. If you paid $50,000 for your policy, for example, you could spend up to $250,000 for assisted living care.
Insurance companies sell long-term care riders as an add-on to your life insurance policy. A chronic illness rider may also cover these costs if you need assisted living because of this type of disease. Riders pay a flat amount toward your care needs. You must buy this type of coverage when you buy your life insurance policy, not later