Welcome to Joel Zimmerman & Associates Insurance Services

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  Contact : (916) 947-5237

Long Term-Care Solutions

It’s not easy to imagine having to cope with a disability, especially if you’re quite used to doing things without needing any help from others, but life is unpredictable at the best of times. A severe injury or illness that results in a disability can impact more than just your mental state. If you’re unable to work or require long term care (LTC), it can spell the end of the standards of comforts you’re used to. To keep yourself, your family and your assets protected from the expenses of LTC, you could invest in either an LTC policy or Hybrid care.

  • Long Term Care
  • Hybrid Care

Long Term Care

Even with a perfect health regimen and a risk-free lifestyle, there is one thing that will never change. Like it or not, you are going to grow old and the time will come when you won’t be able to work anymore. While your investments like 401(k)s and annuities might give you enough of a steady income to meet daily expenses, old age is synonymous with health issues and long term care (LTC) can cost as much as $100,000 a year, or even more.

Just like you’ve planned for your future with investments, an insurance policy that covers LTC can help you safeguard your financial stability and cater for these expenses starting right now. Long term care provides extra coverage as part of a comprehensive insurance policy. They can provide cover for a wide range of expenses like home nursing, day care and other recurring medical expenses, including illnesses and accidents that lead to disabling medical conditions.

You can choose from comprehensive policies that ensure you can easily avail coverage for long term care in an assisted living facility, or even in the comfort of your own home, should you ever need it. When you’re comparing policies, there are a few considerations to keep in mind and if you’re unsure or need any clarifications, contact one of our executives for details today.

When you invest in LTC (or even Hybrid Care), a one-time deposit into a life insurance policy is all it takes. You will then be covered long term care and death benefits payable to your estate in case of your demise. You can also cancel the plan and receive all your money back with some interest too.

COMPANIES WE DEAL WITH

AUL
Mass Mutual

Hybrid Care

When you’re young and healthy, it’s difficult to imagine yourself in a position where you would be unable to support yourself or your family, but life is unpredictable. There’s no telling when a serious illness or an injury could strike, leaving you unable to earn enough to meet your financial requirements.

Since long term care is quite expensive, most people tend to worry about the added financial burden on their loved ones if they need support because of an unforeseeable injury, illness or accident. The added cost can force a family into debt, along with the mental strain of having an incapacitated family member.

Hybrid care is a whole life insurance cover that combines a long term care policy with the death benefits and periodic payments, keeping your assets safe from the associated risks of long term care. You get a guaranteed life insurance with periodic benefit payments and death benefits, and all of these can be used to qualify long term care for old age or disabilities caused by medical conditions or accidents. The interest rate for the premium is guaranteed, along with increasing cash value every month.

There are four basic policy structures for hybrid care:

  • Hybrid-Care I – A single premium for whole life insurance
  • Hybrid-Care II – Non-qualified annuity with 20 premiums for whole life insurance
  • Hybrid-Care III – 20 premiums for whole life insurance and IRAs
  • Hybrid-Care IV – Continuous and limited (10-20) premiums

In addition to monthly LTC payouts, you still continue to get death benefits for the beneficiaries you nominate, as well as a guaranteed growth of the cash value. With hybrid care policies, you have the flexibility of choosing either a single premium or splitting them into multiple annual premiums. These policies are available as a single or joint insurance plan.

A one-time payment provides complete coverage for long term care if you need it, along with a death benefit that is payable to your estate. If you decide to opt-out at some point, you’ll get all your money back, along with some interest. A single non-cancellable policy gives you long term care benefits for as long as you live, and should you opt for a joint life insurance, the joint policy holder will receive a second-to-die death benefit.

You can invest qualified funds from various sources into hybrid care, like returns from CDs, mutual funds, annuities, IRAs, savings, money markets and more. You can also opt for riders which can provide guaranteed premiums along with an extension of lifetime LTC benefits, or increased base LTC benefits and inflation protection.

COMPANIES WE DEAL WITH

AUL


Explore various long term case solutions with us today.    CONTACT US NOW