You may have seen combination policies that include riders. These may be a bit confusing at first if you do not understand what a rider is. Riders offer additional benefits in combination with an insurance policy you already have or insurance policy obtained. What is this need for long-term care insurance? Basically, a rider can be combined with various other insurance policies to give you the best coverage possible for your needs. If you are concerned about what type of insurance may be best for your needs in conjunction with long-term care insurance, then here are some ideas to get you started.
Life Insurance with Long-Term Care Riders
A life insurance policy with a long-term care rider means that you have purchased a life insurance policy of some kind with an additional benefit of long-term care insurance. This is a prime option for someone who already has medical insurance in place or major medical insurance in place and is concerned with the amount of life insurance is left in case of death and is concerned with long-term care needs as they grow older or as a safety net insurance.
Annuity and Long-Term Care Riders
An annuity is a certain amount of money that is paid to you each year. It is part of an insurance policy that you may already have or may be considering. A long-term care insurance benefit can be purchased on top of the annuity. Individuals who use an annuity and long-term care rider benefit in several ways. The annuity may cover certain living expenses or a gap that is created between the major medical insurance and long-term care insurance. Even though an individual may have long-term care insurance and major medical insurance, there can still be gaps between coverage amounts. An annuity may help bridge these gaps so that there is no out-of-pocket expense other than co-pay or a deductible.
Major Medical with a Long-Term Care Rider
Major medical insurance may or may not come with a long-term care insurance plan. In a case where you have obtained major medical insurance, but you are lacking long-term care, then a long-term care rider may be purchased if the insurance company offers that option. This is the plan for somebody that has no medical coverage for daily medical needs, ongoing medical needs, or long-term care needs. This is possibly one of the most expensive forms of combination insurance with long-term care riders. This is an increasing expense if you are a female.
These insurance combination options are available through most insurance providers. There are certain benefits to each one that may pertain to your lifestyle. If you are unsure of which type of insurance may be best for you and if a rider is actually best for you, then please contact us today for a full description of the products and services that will work with your lifestyle into long-term care needs. We will help you build a medical package that works best for you and for your budget.