LONG TERM CARE INSURANCE TIPS:
- Receive multiple quotes: Do not settle from 1 or 2 quotes from your local agent. Receive quotes from at least 6 companies. Many companies offer features and discount that others do not, and the only way to find your “best” quote is to survey many Insurance Companies
- Make sure you can utilize long term care insurance: If you have liquid assets below $75,000 and if you in poor health, long term care may not be your best option.
- Buy from a quality company that is established: You want to buy from a reputable company that has claim experience. You want a company that has a history of experience with real life claims and therefore will have stable premiums in the future.
- Buy from a specialist in the Long Term Care field, not from a “financial advisor”: Some financial advisors can sell long term care insurance but the majority of them sell a LTC policy once a year and have no clue about long term care policies. The financial advisor can give you great advice on stocks and bonds, but Long Term Care Associates will give you superior advice on long term care policies. Most financial advisors have a spare brochure on long term care that they will give you that has been sitting on their shelves for a long time. Ask them if they know three long term care companies that have never had a rate increase? Ask them if they know of a non-profit long term care company whose rates are 20% below market rates? Ask them if they know the number of complaints Long Term Care Insurance companies have had?
- Do not buy or give pushy local insurance agents appointments to “hard sell” you at your home. Since Long Term Care Associates represents all the major “blue chip” companies on the market, unlike most local Insurance agents who just carry a couple of companies, you will only be able to find out your “best” quote through us. Ask your local insurance agent if they know three long term care companies that have never had a rate increase? Ask them if the know of a non-profit long term care company whose rates are 20% below market rates? Ask them if they know the number of complaints Long Term Care Insurance companies have had? Again, local insurance agents carry a limited number of companies and sell a long term care policy once in a “blue moon”. Long Term Care Associates will send you comprehensive information in the mail that you can examine and analyze in the comfort of your own home with no pressure or obligation.
- Understand the terms of the Long Term Care Polices. There are many options with long term care policies, and some are necessary and others that are not necessary may needlessly increase the cost of the you premium. Understand the terms of the policy, what the policy covers and what the policy does not cover is essential to having a policy that won’t bankrupt you in the future.
- Determine whether you qualify for a long term care policy. Remember that the younger and the healthier you are, the lower your premiums will be. If you wait too long or have a sudden medical problem, you may not qualify.
- Find out all the advantages of Partnership Policies. Partnership policies can shelter your assets dollar for dollar from a Medicaid “spend down”, so you won’t have to become destitute to qualify for Medicaid.
- Tax Deductibility and Pre-Tax Payments for Long Term Care Policies: Investigate which policies have benefits that are tax free and under what circumstances you as an individual or a business can pay for long term care policies with pre-tax money.
- Understand that Medicare will not pay for long term care. Medicare will only pay 100% for the first twenty days of long term care coverage, and this is only for a skilled care facility, not regular nursing home or in home care.
- Understand that Medicaid rules. Understand that before Medicaid will pay for anything, you have to be practically broke or indigent and you can be placed in a nursing home that is not your choice and may not be even close to your children.
These items are just the start of learning about Long Term Care, so let us help you understand all the fine points you need to know about purchasing a Long Term Care policy. Request a free quote below.
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Carriers quoted will vary from state to state.)