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Ieuter Insurance Group Blog

All You Ever Wanted to Know About Insurance

Long Term Care Insurance

Can you afford an extra $75,000 to $100,000 bill during your retirement?  If not, you should consider purchasing Long Term Care Insurance (LTC).  Nobody wants to think about LTC but nearly everyone needs some version in their lifetime. These policies cover the cost of help for basic daily needs over an extended time. While health care insurance or Medicare helps pay for immediate medical expenses like a surgeon's bill, long term care insurance helps people cope with the cost of chronic illnesses, such as Alzheimer's disease, or various disabilities.


There are several different types of policies:

1.    A reimbursement policy. You select a dollar amount of coverage and submit receipts once the coverage is deemed necessary.

2.    An indemnity policy.  You select a dollar amount of coverage and once the coverage is deemed necessary monthly checks are sent out to you—no need for receipts to be sent in.   

3.    A hybrid policy where you would deposit money up front which can be used for a variety of different things—LTC, Life Insurance, or an Annuity.  The nice thing about this product is if you change your mind you can get your money back PLUS interest, so it acts like an annuity or investment vehicle.  On top of that, if you pass away before using the LTC, the policy turns into a life insurance policy.  This passes the unused benefit to your beneficiary unlike other insurance products that are use it or lose it.

Schedule a time to meet with our team to learn more by calling 989-835-6701