You probably have hard time falling asleep every night when you think of the problems you will confront by the time you reach your 50th birthday. Shopping for long term care insurance policies can be complicated, but with enough preparation, you will be able to get a good policy at the right price.
Always shop around. Don’t just sit there and wait for a call from insurance company and then sign up what they ask you to do so. You must go around your area and search for reputable companies selling long term care insurance, then ask quotes from at least three insurers. Each insurance company offers different policies and costs, and you will not find two companies selling exactly the same features and price.
Make arrangements only with a reputable company. There may be lots of insurers lurking around the corner, but you don’t even know who the right one is. You should consider the company’s financial stability above all, and next is the claims record or experience. Don’t worry you can find records through your state insurance agency, AARP, and other rating companies such as Moody’s.
Consider a policy with the best features or coverage, not the lowest price. You should look at the quality more than the price because most low-priced policies are mediocre. Policies sold below the average market price are suspicious enough because they might not cover all necessary areas of care, and the insurer might have some issues.
It’s worth considering the help from a financial planner or long term care insurance expert to guide you through finding a good insurer and choosing the best policy. The initial consultation is usually free, and then the next steps can be done by the pro. If you have a relative or friend, who has gone through long term care planning, you may ask him or her for help and referrals.
You may avail group long term care insurance plans through your employer. There are definitely various ways to get LTCI, and that’s through your employer. Oftentimes, group plans are lower than individual policies, so you can save on the premiums. You may ask your employer on how you can avail the group plan and what this policy covers.
Keep in mind that long term care is expensive and its cost rise almost every year. You have to assess your needs on how likely you need this insurance and for how long. You must know how much you can afford every month for the premiums and the riders that will be included in the policy. Don’t buy more than what you need because there are other things that your money should invest to secure your children and loved one’s future.
Make sure everything you have transacted with an agent is documented to avoid future problems. You should be careful with sales pitches that these agents use to lure consumers from buying policies. You should be wise and tactful when buying this type of insurance.