Long Term Care Insurance - Making Sure You Get The Best Price/value
Posted on January 18, 2008 - Filed Under Business
You have to ensure you get the very best price and value for your long term care insurance policy. There are features you need to look out for. There are things you need to take care of. Thereafter, we’ll talk about a few ways to save big in long term care insurance…
First, let’s deal with features to look out for…
1) Look for a guaranteed renewal. With this feature your insurer cannot cancel your policy or refuse to renew it because you’ve grown too old or have some form of physical or mental deterioration.
2) Is there any form of benefits protection feature for inflation or the rising cost of long term care? If there is, how is it applied, how often and what is the rate applied? An example of such a feature is an inflation adjustment feature which guarantees that the benefits a policy holder gets years later reflect the cost of long term care at that time.
3) Make sure it has a non-forfeiture benefit. This is very important as it guarantees that you still get paid a good part of your benefit even if you cancel your policy or let it lapse unintentionally (which happens quite frequently).
Here are things you should take care of…
1) Make sure you understand the policy terms thoroughly. Long term care insurance is relatively new and don’t expect the same coverage from every insurer. Read through to see what’s covered and how. Know when the policy considers an insured eligible for benefits. What triggers make an insured eligible to receive such benefits? Is it when they start needing assistance in daily activities or some form of cognitive impairment?
2) Make sure you buy from an insurer of good reputation. Long term care recipients are usually not strong or mentally alert enough to pursue their claims. You need an insurer who’ll take care of you without subjecting your loved ones to additional stress. You can check an insurers rating at your state’s department of insurance. You can also check them out at BBB, Moody’s and other rating services.
Here are things that will help you reduce your long term care insurance premium…
1) Choose a waiting period that you think you can cope with most. For those who might not understand what the waiting period is, it is the length of time an insured must wait (from when they start using long term care) before they start receiving benefits. Usually a policyholder can choose any length of days between zero and 180 days. The longer the waiting period, the lower the premiums an insured pays. However, care must be taken to ensure that a waiting period that’s too long for comfort isn’t chosen.
2) Get it when you’re younger. The older you get before you buy long term care insurance the much more expensive is gets. And that’s apart from a higher likelihood of being declined.
3) Get and compare many long term care insurance quotes. You will save much money on long term care insurance if you obtain and compare quotes from insurance quotes sites. You’ll make savings if you visit only one of such sites.
But, you will get more by using at least three. I recommend that you use at least three quotes sites because that will make it less likely that you’ll miss out offers not given by the other sites. This provides you a broader basis for doing more thorough comparisons thus increasing your chances of realizing more savings in your preferred long term care insurance policy.
Here are my favorite sites for long term care insurance quotes…
InsureMe Long Term Care Insurance Quotes
Chimezirim Odimba writes on long term care insurance.
Tags: long term care insurance
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