Navigating the long-term care plan side of insurance is not easy, but understanding the options available to you can help you get the coverage you need at an affordable price. 

One feature of the hybrid long term care plan that differentiates itself from a traditional long term care plan is that the HLTC has an annuity built into the product.

What is an annuity? 

An annuity is a contract between the insurance company and the insured that ensures that the insurance company will make payments to the insured.

What that means for you:

This means that a hybrid long-term care plan allows the family members of the policyholder to receive all of the unused premiums.

An unfortunate feature of the traditional long-term care plan is that if the premiums aren’t used, the family is unable to get the money back, even if the policyholder didn’t use them.

A hybrid plan has the annuity built into the product, allowing for the policyholder’s remaining investment to get transferred to their loved ones.

What are the downsides?

There is a small cost for the annuity to be included in the plan, but the ability to transfer the unused premiums is worth paying.

Learn more about hybrid long term plans by contacting Pink Lemonade who will help you to pick the product that works best for you.