Long Term Care Insurance Ratings - How To Decide Between Long Term Care Providers?  

Long Term Care Insurance Ratings - How To Decide Between Long Term Care Providers?

For millions of people in America, purchasing long term care insurance is a mind boggling prospect. Insurance agents are prepared to give you many complex and confusing options in an attempt to sell you the coverage they want you to have, instead of the coverage that you want to have. There are many questions you should ask yourself before buying long term care insurance, such as what you can afford to pay for premiums, what kind of care you wish to have coverage, when you might need the benefits, and whether you want a policy that is tax qualified or not. Tax qualified policies may be eligible for some exemptions on premiums paid per year.

In addition to figuring out these things, you'll also want to know about your insurer. How safe are they, how have they defined coverage and facility options, as well as terms of coverage and reimbursement for long term care expenses, and how will benefits be triggered? There are three major kinds of long term care – custodial, intermediate, and skilled. The first is provided by someone without medical training, the second covers occasional nursing and rehabilitative care by a medical professional, and the last covers long term routine nursing. You should consider the kind of care that you or your loved ones are most likely to need, and check the policies on how it will be delivered. Also consider whether or not the care would be provided in the home, or if it would be at a nursing home or assisted living facility. Some long term care insurance policies only provide coverage for some of these options, and it's important to make sure that you'll be able to get the care you need.

Fortunately, you can get help answering these questions and choosing between insurance companies and policies. Ratings companies maintain lists of insurers and their financial and other standings, as well as other helpful tools. Weiss Ratings, for instance, offers an eight-page free planner on their website including some of the above questions and many more to help you choose the best company and policy for you. You can get ratings on long term care insurance providers online, and by phone. Should you choose to subscribe to a watchdog service, to track the ratings of an insurer or group of insurers, you'll be able to find out the behaviors of these companies over a stretch of time. The financial activities of a prospective insurance company can provide telling information about their behavior when it comes to your coverage.

Nearly half of the Americans who are 65 today will enter a nursing home or other long term care arrangement in their lifetimes. To secure your future and make sure that you will be taken care of, use ratings listings to find out what the best long term care insurer will be for your needs. The average nursing home stay in America today is around $50,000 per year. Be sure that you will be able to pay for your long term care by getting coverage.



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