Wednesday, November 18, 2015

Long Term Care Costs Comparison: The Less Complicated Way to Shop for a Policy

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Long term care insurance was introduced more than five decades ago. Back then, people who want to buy a policy have to rely on door-to-door salesmen for information about LTC insurance costs. Today, however, with the emergence of websites that help people plan for long term care, we can now get free long term care costs comparison by simply filling up a short form. This makes shopping for a long term care insurance policy less complicated.

How to shop for a policy?

1    1. Assess your needs and preferences. You must be well aware of these so you would know the kind of coverage, benefits and features that you should buy.
 
2. Come up with a shortlist of insurance companies whom you want to entrust what you may greatly need in the future. Choose insurance companies with fewer lawsuits and complaints. Also consider their financial standing, overall market share and years in the business. More than the costs, the reliability of the insurance provider should be your primary consideration when buying a policy. You could end up wasting thousands of dollars in premiums if you sign up with an unscrupulous company.
 
3. Find a reliable website that gives free, no obligation long term care insurance quotes. There are many websites that offer this kind of service. These websites not only provide quotes, they also help people plan for long term care by educating them about the available care options and sources of financing, among others. One website that provides this service is www.altcp.org.
 
4. Once you have your comparative LTC quotes, choose the policy that gives the most value for your money. LTC quotes are great because they allow insurance consumers to see the prevailing rates of policies in a glance.
 

Comparative Long Term Care Quotes Sample
Specifications
Company A
Company B
Company C
Company D
Partnership Plan
Yes
No
Yes
Yes
Daily Benefit
$300
$250
$300
$300
Benefit Period
3 years
3 years
3 years
3 years
Elimination Period
90 days
90 days
90 days
90 days
Inflation Protection
5%
3%
3%
5%
Home Care Benefit
50%
100%
100%
100%
Shared Spousal Benefit
Yes
Yes
Yes
Yes
Annual Premium
$1,500
$1,400
$1,400
$1,500

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