Long term care insurance is a relatively new option that protects seniors in the event that they may need in-home or nursing home care. Medicare and Medicare supplemental insurance to not cover these costs. When you’re interested in being financially prepared and protecting your assets, LTC insurance is the right choice.
Chose in their 40s or 50’s who are in good health with no preexisting conditions are recommended for these programs. You can lock in low rates at a young age and save some serious cash. Companies may ask you other questions about any family health issues, what kind of coverage options you need, and if you have any other kinds of insurance.
Choosing the Best Long Term Care Insurance
Range of Options: The best LTC insurance policies cover a broad range of services for ongoing services. Don’t choose one that provides only for “in home care” for example. You must decide what kind of coverage you will need and if your policy will cover that and under what conditions.
Reputation and Health of Company: Never forget to check your company against rating agencies such as Moody’s, A.M. Best, or Weiss Ratings for example. This will help you choose a company that is least likely to go belly up when you need your money.
Don’t Overpay: Shop around. Choose the best rated companies and get quotes from all of them. Also, research and see if the company has a history of increasing premiums. While it is unlikely, it has been known to happen and leave people losing a lot of money.
Ask about Inflation Costs: Does your policy protect against the rising costs of long term care? The cost of a personal room of a nursing home is about $74,000 — if it goes up will your policy cover it? Or leave you to pay the balance. Be sure to ask about this protection and any relevant clauses.
Delay your Payout: Longer payout periods — when you can actually get your funds — result in lower premiums.
Long Term Insurance Quotes
- John Hancock: http://www.johnhancockltc.com/individual/
- Physicians Mutual: https://www.physiciansmutual.com/products/ltc/
- Pyramid Life Inurance Co: http://www.pyramidlife.com/longtermcare.asp
- State Farm: http://www.statefarm.com/insurance/ltc/ltc.asp
- MetLife: http://www.metlife.com/individual/insurance/long-term-care-insurance/index.html