HOW TO BUY LTC INSURANCE
There are many options available when you buy LTC Insurance
The decision to buy LTC Insurance should not be entered into lightly. There are many things to consider and many options available. Purchasing a policy without making an informed decision can be a costly mistake. Policy features such as Assisted Living, In Home Care provisions, Benefit Period, Automatic Inflation Protection, Elimination Period, Maximum Policy Value, Shared Benefit Coverage for Couples, Waiver of Premium, Return of Premium, Survivorship Benefit, and many others should be considered.
Long Term Care USA is the Number 1 website when you buy LTC Insurance on the internet. This is because we are independent long term care specialist that carries the major “blue chip” Insurance companies on the internet. Many local agents carry just a couple of companies, try to steer you to buy their specific polices whether it is in your benefit or not, and then add expensive options to just to obtain higher commissions.
Should I purchase a group policy offered by my company?
Probably not, if you’re in good health. Link to our more complete information page is “FEDERAL LONG TERM CARE INSURANCE & GROUP PLANS” . Group policies offered by companies are individual policies and typically do not offer the up to 40% spousal discount. Group policies typically do not offer the up to 25% good health discount, since you are grouped in with some people who have medical problems. Group policies offer less of two very critical benefits: Inflation protection and home health care percentage. If you don’t have inflation protection or insufficient inflation protections, you could go bankrupt when they are projecting that the annual cost of nursing homes will be $190,000 a year by 2030. Most people want to stay at home which means if the group plan you are offered has 50% home health care benefits you will pay the other 50% out of pocket. Finally, with an individual policy everyone is screened, but with your group policy you are in a “class” with many other people with severe medical problems since they do not screen out disabilities with group plans. This may mean in years to come that your group policy will face enormous premium increases due to the policy of not screening the unhealthy people with group policies. Unfortunately, a lot of consumers are not aware of these details, and end up with an inferior LTC policy, that may bankrupt them in the future. The problem with the Federal Long Term Care is that it is not a Partnership Plan at this time, and will not shield your hard earned assets from Medicaid, with is really the point of Long Term Care. Also, 75% of the time, individual plans have better rates and features.
In any case, always check with us to receive a no obligation comparison of an individual policy with the group policy offered by your company.
Should I purchase a Long Term Care Policy from my Financial Advisor or my Local Insurance Agent?
Most Financial Advisors only sell a few LTC policies a year. While your financial advisor is good at advising in the stock market, insurance isn’t their main focus, and you should always check with us to find comprehensive comparisons, rather than an advisor that will just hand you a couple of sales brochures that happen to be on his shelf. Local Insurance Agent typically do not carry the comprehensive list of long term care insurance companies that Long Term Care USA does, so we will have a better policy to offer you. Remember Local Insurance Agents sell a long term care policy “once in a blue moon” and just simply do not carry the companies that we carry. For example, chance are slim that your local insurance agent doesn’t carry a non-profit Long Term Insurance company that we carry that has premiums typically 20% below all other companies.
If you would like a no obligation, comparison quote, click on the button below to request one.
- Price comparison quotes from all the top insurance companies in the USA, including their financial profile, size, and A. M. Best ratings.
- Easy to understand side-by-side comparisons of each company’s policy features and options.
- We show you the policy similarities and differences.
- Become an expert instantly.