Long Term Care Insurance Quotes: 6 Tips For Getting The Best Coverage
JEM Consulting
September 15, 2008
Getting The Best Long Term Care Insurance Quote
Protecting your assets by investing in long term care insurance policy is a must have for any properly designed estate plan. Knowing where and how to get the best plan available or properly designed coverage is crucial. Long term care (LTC) insurance will save you money in the long run and getting a quote from an independent agent will help save you money today. Long Term Care Insurance Quote
Medicaid is available to help cover some of your LTC costs, but it is unsure how long that money will last, and it is only available when most of your assets and money have been spent. Long term care insurance comes in to help you pay for nursing care. For instance, if your health fails and you need to live in a nursing home, long term insurance can help you. We all know nursing homes are extremely expensive and long term insurance can help you afford care in a time of your life when you most need it.
Another great benefit of a properly designed policy is having coverage for in-home care. Youīll be able to hire a professional nurse or family member to care for you. You may even need round the clock care, which is astronomically expensive. A properly designed policy can be a life saver.
People are living longer due to medical technology, thus there would be more years of care taking to pay for out of pocket by you or your family. Long term care insurance is a wise investment in case your savings are depleted.
It is ideal to purchase a LTC plan while you are in your mid-thirties to early forties.
In order to get the best plan and coverage, I recommend 6 things.
1. Buy A Policy While You Are Healthy. Too often people wait until itīs too late. The insurance carrier is looking for healthy people. Issues like diabetes, high blood pressure, inflated cholesterol all cost you more in premiums and may make you uninsurable. Each carrier has underwriting criteria. You can be rewarded with a lifetime of lower premiums by purchasing your policy while you are extremely healthy.
2. Add Extra Benefit For Home Care. Some policies give you the option to add an extra amount for in home care. With facilities becoming more crowded and expensive every single day, many Americans are turning to receiving their care at home. Make sure your policy has at least 100% of your facility benefit for home care. Allianz offers a policy that has the ability to pay 130% of your facility benefit at home.
3. 10 Year Paid In Full. While you are younger, healthier, and most likely in your best earning years, you can minimize your lifetime premium costs by purchasing a policy that you pay much more on for a period of ten years, then itīs finished. What a great feeling it is to be 50 years old and not paying any additional premiums while having a policy in place for the rest of your life!
4. Only Purchase From Top Company. Ask your independent agent which carriers have a track record of rate increases, look at their complaint record with the state of insurance department, look at the overall size of their company. Genworth, John Hancock, Allianz are examples of strong, popular companies that offer long term care insurance.
5. Work With An Independent Agent. Independent agents have access to all long term care policies available in the marketplace today. By working with an independent agent that specializes in LTC, you will be able to find the lowest premiums to suit your needs. An independent agent has the software available to quickly compare prices from all the long term care insurance providers. Itīs one stop shopping for you. LTC Quote
6. Use Inflation Protection. Inflation protection will increase your daily benefit every year. With long term care costs increasing every year, hopefully, your inflation protection option will allow your policy to increase enough to cover what the future costs of care might be.
You must plan ahead now while you are healthy and by locking yourself in and protecting yourself, you can feel rest assured you are covered in the future.
Think of your beloved spouse and all of the loving years you spent together. Long-term health care insurance is a loving gesture to let the love of your life know you are taking care of them for the rest of their life. Often times we see a family become financially devastated by the tremendous cost of caring for a sick spouse. Itīs easy to deplete you hard earned nest egg by having to pay over $70,000 per year for nursing home or in home care. By investing in long term care insurance for you and your spouse, youīll have peace of mind.
E-Quote-LTC.com is an independent LTC agent that works with many top LTC carriers to bring you the best LTC coverage. Get Your Long Term Care Insurance Quote Today.
Protecting your assets by investing in long term care insurance policy is a must have for any properly designed estate plan. Knowing where and how to get the best plan available or properly designed coverage is crucial. Long term care (LTC) insurance will save you money in the long run and getting a quote from an independent agent will help save you money today. Long Term Care Insurance Quote
Medicaid is available to help cover some of your LTC costs, but it is unsure how long that money will last, and it is only available when most of your assets and money have been spent. Long term care insurance comes in to help you pay for nursing care. For instance, if your health fails and you need to live in a nursing home, long term insurance can help you. We all know nursing homes are extremely expensive and long term insurance can help you afford care in a time of your life when you most need it.
Another great benefit of a properly designed policy is having coverage for in-home care. Youīll be able to hire a professional nurse or family member to care for you. You may even need round the clock care, which is astronomically expensive. A properly designed policy can be a life saver.
People are living longer due to medical technology, thus there would be more years of care taking to pay for out of pocket by you or your family. Long term care insurance is a wise investment in case your savings are depleted.
It is ideal to purchase a LTC plan while you are in your mid-thirties to early forties.
In order to get the best plan and coverage, I recommend 6 things.
1. Buy A Policy While You Are Healthy. Too often people wait until itīs too late. The insurance carrier is looking for healthy people. Issues like diabetes, high blood pressure, inflated cholesterol all cost you more in premiums and may make you uninsurable. Each carrier has underwriting criteria. You can be rewarded with a lifetime of lower premiums by purchasing your policy while you are extremely healthy.
2. Add Extra Benefit For Home Care. Some policies give you the option to add an extra amount for in home care. With facilities becoming more crowded and expensive every single day, many Americans are turning to receiving their care at home. Make sure your policy has at least 100% of your facility benefit for home care. Allianz offers a policy that has the ability to pay 130% of your facility benefit at home.
3. 10 Year Paid In Full. While you are younger, healthier, and most likely in your best earning years, you can minimize your lifetime premium costs by purchasing a policy that you pay much more on for a period of ten years, then itīs finished. What a great feeling it is to be 50 years old and not paying any additional premiums while having a policy in place for the rest of your life!
4. Only Purchase From Top Company. Ask your independent agent which carriers have a track record of rate increases, look at their complaint record with the state of insurance department, look at the overall size of their company. Genworth, John Hancock, Allianz are examples of strong, popular companies that offer long term care insurance.
5. Work With An Independent Agent. Independent agents have access to all long term care policies available in the marketplace today. By working with an independent agent that specializes in LTC, you will be able to find the lowest premiums to suit your needs. An independent agent has the software available to quickly compare prices from all the long term care insurance providers. Itīs one stop shopping for you. LTC Quote
6. Use Inflation Protection. Inflation protection will increase your daily benefit every year. With long term care costs increasing every year, hopefully, your inflation protection option will allow your policy to increase enough to cover what the future costs of care might be.
You must plan ahead now while you are healthy and by locking yourself in and protecting yourself, you can feel rest assured you are covered in the future.
Think of your beloved spouse and all of the loving years you spent together. Long-term health care insurance is a loving gesture to let the love of your life know you are taking care of them for the rest of their life. Often times we see a family become financially devastated by the tremendous cost of caring for a sick spouse. Itīs easy to deplete you hard earned nest egg by having to pay over $70,000 per year for nursing home or in home care. By investing in long term care insurance for you and your spouse, youīll have peace of mind.
E-Quote-LTC.com is an independent LTC agent that works with many top LTC carriers to bring you the best LTC coverage. Get Your Long Term Care Insurance Quote Today.
Print
Email
