Don’t pay more than you need to for long term care insurance warns the head of the national long term care insurance trade group.
“There can be a significant difference in what insurance companies charge for long term care insurance, a face few consumers are aware of,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The trade group just posted a new five-minute video that shares tips on getting the best coverage for the best cost.
“No one taught me how to buy my first car and I know I overpaid,” Slome shares. “I was better prepared when I bought my next car but you generally only buy long term care insurance one time during your lifetime. There rarely are do-overs so you’d better get as much knowledge when you start.”
The video provides an overview along with a comparison of rates for both a 55-year old male and a 55-year old female. “We show the lowest available cost and the highest cost for virtually identical coverage,” Slome shares. “Most people are shocked to see the difference but once they do, they understand the importance of getting the right information before they make this very important decision.”