65 and older will double from 8
million to 16 million. The U.S. Department of
Health and Human Services reported that at least 7 in 10 of them will develop a
condition that would make long term care necessary. With this many people who
will soon need long term care, planning how to pay for services has become an
integral aspect of a responsible retirement planning.
advocates for seniors’ welfare, having a good long term care insurance policy
is the most secured, reliable and cost-effective way to prepare for this
eventual need. But with so many insurance companies offering long term care coverage,
choosing the best policy can be a tedious process.
long term care insurance policies.
Compare LTC insurance providers
care insurance should be choosing the most trustworthy and reliable insurance
provider. If you end up with the wrong insurance provider, you could wind up
paying more for fewer benefits. Worse, you could end up not receiving any
benefits at all.
reliability of an insurance provider:
Overall financial rating
Number and nature of lawsuits and complaints
received
Years of operation
Percentage of paid claims over claims
applications
General market share
Compare Benefits
want to do business with, compare the benefits included in the policies they
are offering. Focus on features and benefits that cater to your individual
preferences and needs. For instance, if you prefer to grow old in your home, look
for indemnity long term care insurance because it has less restrictions on how
to use benefits. Therefore, you can use the benefits to pay for a family
caregiver or fund home modification projects which might be necessary if you
want to receive care at home.
Compare Costs
preferences, you can now compare their costs. Choose a policy that provides
more benefits at a lower cost.
need to spend hours just to get quotes from different companies. There are now
a lot of long term care websites that give free ltc insurance quotes from major insurance
providers. These quotes make it easy for consumers to see the prevailing rates
of services, and will therefore make the entire process of comparing long term care insurance policies less difficult.