說說混合的長期護理保險 (Hybrid LTC)

May 25, 2019

Hybrid Long Term Care Insurance (LTC)

by JessAB

 

Long term care insurance (LTC) is part of the overall financial/estate planning.  I am that kind of person who likes to think ahead and prepare for the future.  It serves me well with this mentality.

A hybrid LTC means that when the policy owner doesn’t need LTC, he/she can still receive death benefit although the death benefit is much less usually a little more than the premium paid as compared to the LTC benefits that the policy owner would receive when needed. 

Something to think about:

1.  How many years of LTC are needed like two years acceleration with 2 or 4 years extension of LTC benefits, which give a total of 4 or 6 years of benefits.

2.  Whether to choose inflation protections like 3% or 5% compound rate.  Of course the higher the compound rate, the higher the premium.

3.  Elimination or waiting period: The 90 days waiting period means that the policy owner needs to be on long term care services (chronically ill) for 90 days in order to receive LTC benefits.

4.  Cash indemnity vs reimbursement benefits:  A cash indemnity benefit pays the full monthly LTC benefit without the policy owner having to submit specific monthly receipts while a reimbursement benefit (實報實銷) requires evidence and approval of actual expenses before the receipt of the monthly benefit payment.

5.  LTC benefits received are typically considered as taxable free.

 

July 13, 2019

Estate planning: Long term care insurance 

As part of estate planning, finally cut two checks to LTC, each for $50000 premium.

This $50000 single premium policy covers two years acceleration and 4 years extension LTC benefits with 3% compound inflation protection for one person.

This policy has a face amount of ~$70000 that my beneficiary will receive if I die prior to needing LTC.

If I start to use LTC benefit at age 80, I can expect to receive ~$75000 per year and continue for a total of 6 years with 3% compounding.

The other good thing about this policy is that it is a cash indemnity benefit meaning that I can receive full monthly LTC benefit without having to submit specific monthly receipts.

 

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所有跟帖： 

• 是不是先付10萬保費，到時可以用6年，7萬5一年？如果沒用，可以拿回多少？ -hhtt- ♂ (0 bytes) () 11/25/2023 postreply 06:24:00

• 關鍵有個年齡限製吧？開始拿社安金是不是太遲了. -BBL123- ♀ (0 bytes) () 11/25/2023 postreply 06:29:18

• 是的, 一個人5萬一次付完. 若不用LTC, 可以拿~7萬death benefit. 80歲拿7萬五, 每年增加3% -JessAB- ♀ (140 bytes) () 11/25/2023 postreply 06:38:51

• 有沒有年齡限製,我父母80多歲時才想買太遲了. -BBL123- ♀ (0 bytes) () 11/25/2023 postreply 06:48:42

• 一般是18到79歲. 85歲以後好像不行 -JessAB- ♀ (0 bytes) () 11/25/2023 postreply 07:02:01

• 保費應該是年紀越大越貴，5萬保費應該是50歲左右的價？不知要等多久才能用？ -hhtt- ♂ (0 bytes) () 11/25/2023 postreply 07:11:00

• 任何時候有需要都可以用, 比如若不幸60歲需要,大概一年可拿4萬二, 每年遞增3%. -JessAB- ♀ (0 bytes) () 11/25/2023 postreply 07:34:21

• 想當年我給我父母買了， 當時他們剛60， 每個月兩個人大概350刀，現在83了。 -smlandlord- ♂ (590 bytes) () 11/25/2023 postreply 07:02:33

• 那你用到了這個保險嗎？ -BrightLine- ♂ (0 bytes) () 11/25/2023 postreply 07:11:04

• 那在Indiana,這個LTC 就值得買。 -alpha123- ♀ (0 bytes) () 11/25/2023 postreply 07:40:25

• 有繳費年限嗎？每月350，也不是小數字。這個法律很好，過了100K政府接管.保險費也沒給政府，保險公司賺了。 -bobpainting- ♀ (0 bytes) () 11/25/2023 postreply 09:12:53

• 這個350的月費，我相信大概要繳20年。一般的規矩是，一旦合資格領取，就不用再繳費了。 -原上草2017- ♂ (0 bytes) () 11/25/2023 postreply 13:57:47

• 加州是不是要搞全民ltc? 想看看他們的實驗可行性如何。 -haomahaoma99- ♀ (0 bytes) () 11/25/2023 postreply 07:09:30

• 也聽說全民LTC，好像是從工作的paycheck就開始扣起，不過這個立案審批過程也許10年15年都可能，機器人護士都出現 -trimtip- ♂ (0 bytes) () 11/25/2023 postreply 11:34:06