Choosing the Right Long Term Care Insurance Company

How do you choose the right Long Term Care Insurance company when buying the insurance?  Your decision should not be made on price alone.  As with anything you buy you get what you pay for and that rule applies when buying long term care insurance as well.  First thing, you want to make sure you go with a company with deep pockets and good financial strength ratings.  Also, you go with a big brand name company they will typically not nickel and dime you to death when trying to collect a claim because the company's brand name is very important to them and they will treat you fair.  If they didn't treat customers fair then their brand name would be tarnished. 

LTC Tree only works with the top Long Term Care Insurance companies: Genworth Financial, John Hancock, MetLife, Prudential, Mass Mutual, NY Life, and Mutual of Omaha.  When you can go with a big brand name company that has a great track history of paying claims, it makes no sense to choose another lower rated company, in our opinion.

Long Term Care Insurance companies Financial Strength Rating and Size Category

With the average age that people need long-term care being 79, you'll want to make sure that the company you choose will be there to pay your long term care insurance claim when you need it.  Here are some links to third-party companies that rate the financial strength of the insurance companies.  As a rule, you only want to do business with companies that are rated "A" or better.

Rating Agencies:

• A.M. Best
• Standard and Poor's
• Moody's

Long Term Care Insurance Premium Rate Stability

Long term care insurance companies cannot increase your rates for changes in your age or health.  However, companies can file an appeal to your State's Insurance Commissioner for a rate increase for a class of long term care insurance policies in certain categories.  Rest assured, they cannot raise your rates on an individual basis and single you out.