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Ten Tips on Long-Term Care Insurance |
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Written by Drew Nichols
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...from
the NAIC - the National Association of Insurance Commissioners...
- Consumers should Investigate long-term care coverage if you
don't want to rely on others to support you. Who does? Another reason to look is if you want flexibility in choosing the type of long-term care services.
- Long-term care insurance is definitely NOT for everyone.
For example, if you are currently receiving Social Security or expect to have minimal or no
retirement savings or retirement income, odd are that you will likely qualify for state aid such as Medicaid and in many cases should not
purchase long-term care insurance.
- Research all of the individual insurance companies - primarily to
see whether they have a history of raising rates for long-term care coverage. It's a good idea to also check with
your state insurance department to learn how your state regulates rate increases. We are happy to explain this as well.
- Check with your financial adviser or
accountant for guidance on whether long-term care insurance is appropriate for your specific financial situation. If long-term care insurance is for you, allow us at LTCtree to shop around for the most appropriate coverage at the best price. We encourage you to request our quote package and then compare with other companies.
- Make sure you understand what a long-term
care insurance policy covers and just as importantly, what it doesn't. Ask lots of questions and also make
sure the company is reputable and licensed to sell insurance in your
state.
- Pre-existing conditions are considered to be conditions that you
have before you apply for the insurance coverage. Such conditions can and may be excluded from coverage. In
addition, for some policies, age 60 is a trigger for a rate increase. Thus,
it may be beneficial to purchase your policy before your late 50's. The fact is, the younger you are when you buy, the lower your premiums will be.
- Don't rely on Medicare or Medicaid to cover
your long-term care needs because Medicare will usually pay for a small
percentage of nursing home costs. Medicaid pays only for institutional long-term care services - not home care in most cases - and it only pays for nursing homes if you
meet federal poverty guidelines. Worse, the choice of care facilities can
be very limited - perhaps in a far away city!
- Keep in mind that tax breaks are available
for qualified long-term care insurance policy premiums. The benefit payments received
under such policies are tax-free.
What Makes Tax Qualified Long Term Care Insurance?
- Unless you are requesting quotes, be careful about responding to LTC marketing. Do not divulge your personal financial or medical
information over the phone unless you have solicited a call from a reputable comapny. Information such as your social security number, your health status,
your Medicare status or your private insurance coverage should remain private. Don't be
fooled by mailings about long-term care insurance that appear to be from an official government source.
- Be skeptical of advertising that suggests that Medicare
is associated with a long-term care policy. Medicare does not endorse nor sell
long-term care insurance.
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this simple, secure form below, and then sit back and relax. We will
shop the entire market of companies to find you the absolute best price
and value. No more moving from company to company in search of the
best product to fit your needs because we work with all the major Long
Term Care Insurance companies and have no preference to any one of
them. We'll simply find you the best.
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A review of each company's financial-stability ratings, claims experience, and size.
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A thorough, side-by-side comparison of each
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Price comparisons customized to suit your specific
needs for John Hancock, MetLife, Genworth (GE), Allianz, New York Life, MassMutual, Mutual of Omaha, and Prudential Financial.
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