Today as we close out the long term care planning month, Steve Cain returns to the show to discuss hybrid long-term care insurance policies. On the previous episode (#313), Steve Cain gave us the key facts about traditional long-term care insurance and today we explore some alternatives to the traditional long-term care insurance route. This episode will help you understand different options in the long-term care insurance realm. I’ll also answer some listener questions and have our retirement coach, B.W.,  The subject of long-term care can be a tough one to address This entire month we have discussed how to cope with long-term care risk. While this is not the most exciting or even upbeat topic to learn about it is something to consider. It’s important to address potential risks while we are still of sound mind rather than while we are dealing with them. Examining your options now will lead to better decision making and peace of mind. Listen to this conversation with Steve Cain to arm yourself with knowledge so that you can better weigh your options when it comes to long-term care.  Hybrid long-term care insurance policies manage risk from a different angle  The long term care insurance industry has had a lot of trouble in the past and they don’t have the best reputation. But the hybrid long-term care insurance policies are an alternative to the traditional long-term care insurance policies. These policies don’t really have a proper name and can be called a number of things like; hybrid, life with long-term care, asset-based long-term care, or combination long-term care. Even though they don’t have a decent name in place they are an exciting change from traditional long-term care insurance. These policies are life insurance-based products with long-term care riders or additions. Unlike traditional long-term care policies, with these, you are more likely to get something in return for your money.  There are different types of options in hybrid long-term care There are many different types of hybrid long-term care options on the market. One is a long-term care solution that is actually rolled into a life insurance policy. Essentially it is whole term life insurance with a separate long-term care component. This insurance has separate buckets of money designated for different purposes. It is a bit more expensive than a traditional long-term care insurance policy but the benefits are guaranteed. Listen in to hear more about this type of hybrid long term care insurance policy and a few others.  Who needs long-term care insurance? Long-term care insurance isn’t for everybody. There are some who are affluent enough to be able to self-insure, many more won’t be able to afford this type of insurance. But there are plenty in between those extremes that can consider this type of insurance. There are many different types of insurance and ways to plan for your potential long-term care needs. The key is to have a plan. Be sure to include your family in this discussion, since long-term care is an issue that affects the whole family.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:05] Hybrid policies approach long-term care insurance from a different angle [6:30] The long-term care solution atop a life insurance policy  [16:38] What is the return to the premium option? [19:22] Can you repurpose your traditional life insurance policy? [24:35] Who needs long-term care? COACHES CORNER [27:25] What to do when you are thrown into the role of caregiver LISTENER QUESTIONS [36:00] A question about annuities [44:10] How to handle holding onto stuff in retirement [49:44] How to evaluate a portfolio manager TODAY’S SMART SPRINT [60:03] Think about your potential long-term care needs  Resources Mentioned In This Episode BOOK - Winning the Losers Game by Charles Ellis To check out the annuity series start here Steve Cain Steve Cain on Twitter@SteveCainLTC Rock Retirement Club Roger’s YouTube Channel - Roger Th