Co-Founder, Coastal Financial Partners Group, California
Deciding to purchase long term care insurance is an important financial decision so first and foremost be sure to work with an insurance professional with experience in long term care insurance and access to a range of top rated long term care insurance companies. That person can help you select coverage that matches your needs and preferences.
There are many choices and different ways to design coverage. For example, what services are covered by the policy? Some policies may be limited, sometimes to appear inexpensive relative to other policies so ask when benefits begin and if the policy is comprehensive or limited to nursing home care. Recent years have seen many large insurers exit the market so ask about the ratings and financial strength of the insurance companies being quoted and about the insurer’s history in offering long term care insurance.
As you evaluate various policy features and benefits, keep in mind that the choices you make can affect the premiums you pay and the benefits you are entitled to receive. You are unlikely to want to pay for everything you would ideally like in a policy so your choice of insurance professional may be crucial in helping you determine how best to balance premium and benefits in your long term care policy.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What to watch out for when purchasing long term care insurance? Will "everything" work as an answer? What I have found in my sales of long term care insurance is that it is a long process where we review the multiple options a good Long Term Care policy presents. There are so many buttons and nobs on a policy that you shouldn't overlook any as you figure out your plan. LTC is really one of the most "customizable" insurance policies I have ever run across. So what to watch for? make sure to tweak every "button and nob" a policy offers before you settle on your plan. See what each twist and change does to your plan and price.
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There are many choices and different ways to design coverage. For example, what services are covered by the policy? Some policies may be limited, sometimes to appear inexpensive relative to other policies so ask when benefits begin and if the policy is comprehensive or limited to nursing home care. Recent years have seen many large insurers exit the market so ask about the ratings and financial strength of the insurance companies being quoted and about the insurer’s history in offering long term care insurance.
As you evaluate various policy features and benefits, keep in mind that the choices you make can affect the premiums you pay and the benefits you are entitled to receive. You are unlikely to want to pay for everything you would ideally like in a policy so your choice of insurance professional may be crucial in helping you determine how best to balance premium and benefits in your long term care policy.