My love affair with Forbes contributor Wade Pfau continues. He’s written another clear, concise, accessible article on a complicated subject: explaining the newer, asset-based (also known as “hybrid”) long-term care (LTC) products.
In this piece, Mr. Pfau also explains the differences and the pros and cons between traditional long-term care insurance (LTCi) and the newer, asset based (hybrid) life/LTC plans. This part of the article gets a wee bit more technical, but it is clearly written.
Since I have a life insurance background, I understand asset-based (hybrid) LTC plans well and I like them.
Which choice is better? The jury’s out. Each approach has advantages and disadvantages.
The Big Picture is: take the risk of needing LTC seriously. It is real.
What’s the best insurance policy? Trick question. It’s the one that’s in force when you need it!
One thing is clear: to make the wisest decision you can, and to be very satisfied with it, you’ll need the assistance of an experienced, ethical, qualified professional…like myself!