Is Hybrid Long Term Care a Diamond in The Rough?

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Hybrid Long Term Care Insurance

Many people know that there are many kinds of diamonds in the world, just as there are many forms of life insurance policies. You could say Hybrid Long Term Care Insurance is the new Red Diamond a.k.a the rarest, most sought after kind of diamond in the world. Red diamonds are created when a stone undergoes a rare process while in formation and that changes the structure and allows light to pass through the stone differently than it does with other colorless diamonds. Due to the diamonds rarity, red diamonds are also the most expensive per carat over any other colored diamond.

Many people are growing an interest in Hybrid Long Term Care products. As popularity grows so does the demand and questions as to what exactly it is. Hybrid Long Term Care Insurance is a plan that combines traditional long term care insurance with life insurance. Hybrid LTC policies pay for home health care, assisted living, adult day care and nursing home services. If long term care is not ever needed then the life insurance benefits within the policy pay your beneficiaries a death benefit amount disclosed within the policy. The life insurance benefit value is at least the equivalent of the premiums paid, if not more.

Just like there are different types of diamonds there are also different types of Hybrid LTC plans. The most common form of Hybrid Long Term Care Insurance is Linked-In Hybrid plans, which combine LTC insurance with another type of insurance such as life insurance or an annuity. This kind of Hybrid LTC accounts for the majority of long term care coverage purchased. Things such as long term care riders can also be purchased and added to the policy, but will increase the premium cost. 

Tax Advantages

The cost spent on the long term care needed is subtracted from the death benefit, while the remainder of the death benefit is not subject to any taxation. This is advantageous compared to a 401k or retirement plan which is taxed when transferred to the beneficiary if given to anyone other than the spouse.

Red Diamond

Unlike Hybrid Long Term Care Insurance, diamonds are most definitely taxed. The Red diamond is worth at least 1 million per carat and up. There is a good side to this though. If you ever go to sell a diamond ring you are only taxed on the profit made. So if you bought your ring for $500 and then sold it for $300 there’d be no taxes at all. This is because the government views the value of the ring as the fair market value at the time you purchased it. Diamonds are priced per unit of weight, called a carat. In March 2022 diamond prices moved higher by an average of 7.6% in February 2022. The average price per carat of all and any diamond is $13,101. 96 higher than $12,178.44 a month ago. The average USA diamond price is $234.85 every .25 carat currently, but these numbers often change. This price is for the average diamond and not the Red Diamond. The Red Diamond Moussaieff weighed roughly 5.11 carats and was sold in 2001 for an extraordinary $8 million dollars or (R10 billion). The Moussaieff was also known as the Red Shield and was found in the mid 90’s by a Brazilian farmer and was originally 13.9 carats. Whopping 8.79 carats was lost when the diamond was cut. Red Diamonds are mostly found in Brazil, Africa, and Australia. The most well known Red Diamond mine is called Argyle mines and is in Australia. There have also been Red Diamonds found in India and Russia. The hue, tone, and saturation determines the type and price of diamond alongside the carat size.

Final Statement

Overall it is easy to see how Hybrid Long Term Care Insurance and Red Diamonds are both so well sought after by many people. While so different they both have many aspects that draw people in and cause people to want to look further into them. Will you be looking into these subjects anytime soon? Make sure to get a good jeweler and an even better independent insurance agent. When looking into insurance an agent can be a good alley or a good salesman looking for the best sale for themselves. Make sure your agent is independent and not tied down to a specific insurance company.

Coffee Mug Promotes LTC?

There is a giant coffee mug that is touring the country trying to promote Genworth Financial’s Long Term Care insurance. A fitting symbol for the insurance industry as many sales meetings take place in a home over a mug of coffee, however, I think it is also a fitting symbol for the whole issue of buying Long Term Care insurance. How often do we just have another sip of coffee instead of having that uncomfortable conversation?  What’s more fitting than if that big old coffee mug comes to Texas where everything is bigger there.

LTC Coffee Mug

Nobody wants to get sick and yet it happens all the time. Nobody wants to be a burden on their loved ones, and yet that is so often the case. Families need to start having these conversations. Maybe you don’t need to purchase a policy, but you have to make sure that you have looked over your options before you make that decision. How long can you self-insure? How much will be covered by medicare or Medicaid? It is only through discussing and exploring your options that you can find the right path. That line kind of sounds like a proverb, but it is very true.

This is a blog for an insurance broker’s website, but is not here to push people into buying policies for coverage that they don’t need. We only provide you with the information you need to make your decision. At that point it is up to you to read it over and talk it over with your loved ones. There is no salesman to twist your arm and you can take all the time you need. The best part is that we have brokers with years of experience in the industry that can connect you with the policies that are right for you.

I read about the Genworth mug in a paper from Virginia. I hope that this two-story mug will be the inspiration that people need to start talking about the future. I know that it is only going to be you the people that make these decisions, but sometimes you need an icebreaker. The big mug will be touring more cities next year and you can go have your picture taken with it. Or just get a free, and more proportional, coffee mug. It is a good way to find out more about Long Term Care insurance, if a giant inflatable coffee mug is your cup of tea.

The most important thing is that you explore your options and find a health care plan that meets your needs. For many people that will mean purchasing Long Term Care insurance and investing in their future. You can’t find your plan until you start to look so contact LTC Texas today.

Blue Diamonds Are Sublime

Beautiful. Unbreakable. While diamonds are usually crystal clear, there are some variations in color which result from certain impurities or defects in their lattice atoms. These discolorations in diamonds result from variations in their atom’s structure, chemical properties, or exposure to other factors such as radiation.

When pure diamonds are subjected to nitrogen, they may turn yellowish, which reduces the price of the stone. When a diamond is exposed to radiation, it may turn green. When there is a certain portion of scattered boron in the diamond’s matrix, it will have shades of blue.

Usually, people and jewelry lovers prefer the pure and transparent diamonds but there are times when colored diamonds, especially pink or blue ones, are priced even higher and are more sought after. An excellent example is the Hope Diamond, also referred to as “Le Bijou du Roi,” which is kept safe in the Smithsonian Natural History Museum.

The Hope Diamond is a perfect example to show that blue diamonds are marvelous. It is a large diamond with a deep-blue shade weighing 9.10 grams or 45.52-carats. Although known for being cursed, the present owner of this valuable gem has had no unfortunate experiences related to it.

When exposed to ultraviolet light for a few minutes and viewed in the dark, the Hope Diamond exhibits phosphorescence; a kind of photoluminescence closely related to being florescent. Diamonds have the ability to disperse light of different colors and blue diamonds such as the Hope Diamond even show phosphorescence!

Another famous blue diamond is one which used to belong to the King of Spain; the Wittelsbach Diamond. Sold for more than $24 million at an auction, this 35.56-carat once held the record for most expensive rate per carat for a diamond.

Not only are blue diamonds beautiful to behold, they also have functional purposes not limited to being wonderful pieces of jewelry. In some cases, blue diamonds can function as natural semiconductors. This is a unique trait of blue diamonds because most diamonds are the opposite; they are usually great electrical insulators.

This semiconductive capability of blue diamonds originate from and is made possible by the boron impurity of the stone. Instead of the usual carbon atoms in pure diamonds, blue diamonds have boron in their matrices, which adds a hole to its valence band.

From light to deep and rich blue shades, blue diamonds are indeed cool and captivating precious stones to behold. They may have their boron impurities, but these so called defects make them unique and sometimes even more desirable than the normal type of pure diamonds.