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Once you have made a decision to look into a long-term care insurance plan, the next step is to identify the various insurance players in the market and compare their rates.
If you are offered long term health care coverage at your place of work, it could be wise to compare costs and coverage with plans available on the individual market. You could find better coverage for less cost. Or, you might find the employer plan is the smarter way to go. It's always a smart move to compare.
To compare costs and coverage you must request quotes from an insurance agent or broker. Insurance companies do not sell long-term care insurance directly. If your employer offers coverage, there generally will be an agent involved to explain the plan or you might be offered information via an online website.
Long-term care insurance does not have to be complicated. But there are many moving parts and options available. If you are not familiar with them, you may find yourself overwhelmed with trivial and unimportant features. Or, you may end up with a number of different cost quotes for long-term care insurance that you really don't understand. I can help.
Each year, the American Association for Long-Term Care Insurance (http://www.aaltci.org/) conducts a national Price Index. I am a member of this industry organization and they report that prices from one insurer can be as much as 60 percent higher than another - for virtually identical coverage.
The least expensive might be excellent protection. Or, it might be missing a most important element that you won't realize until you eventually need care. Or, the insurance company may simply fail to offer a discount that could reduce your cost significantly.
Here are some three tips that could help save you time and energy, avoid frustration and ultimately help you get coverage you can afford and benefits that suit your need.
1. Compare Costs: There can be significant differences between what one insurance company charges as compared to another. For someone age 55, the cost differences could range from a few hundred dollars a year to almost one thousand dollars annually. Here's where it is important to determine if the insurance agent you are working with is shopping the marketplace to get you the best coverage for the lowest cost.
2. Shop Your Health: When it comes to long-term care insurance, your health is as important as your money. If you are in perfect health (the right weight, non-smoker, no medications) every insurance company will welcome you with open arms. If your health isn't perfect, some companies will offer you better rates than others. Again, that's where a knowledgeable LTC specialist comes in.
3. Start Low & Grow: Your cost for long-term care insurance will be based on various factors, your age, health and how much protection you buy. Start by pricing a plan that protects a set amount of assets; say $150,000 in today's dollars. Adding inflation protection option will enable your coverage to keep pace with growing costs. It will grow to $300,000 or more when you are likely to need it.
If you would like a no-obligation cost quote for long-term care insurance, please contact me by calling 239-280-3246 or E-mail me by clicking here.
George Leamon is originally from Binghamton, New York. He began his insurance career in 1976, and opened his own agency in Naples in 1984. George has been very active in Rotary International for 28 years and is a past president. It is my goal to give you the latest and most accurate information in regards to long term healthcare for you or any members of your family.
