Tuesday, December 22, 2015

Long Term Care Solutions: How to Get the Best Value for Your Money

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Most of us are aware how crucial owning a long term care insurance policy is to have a secured life during retirement. However, we are often discouraged from buying one when we realize how
complicated shopping for a policy can become. The expensive premiums, coupled by the number of additional riders offered by insurance companies, make it all the more difficult to make a decision.

The following are some long term care solutions and tips that ensure you get the best value for your money when you buy a policy:

1. Ask for long term care quotes from several insurance companies. A quote can help you easily compare which among the insurance companies offer the most benefits for a more affordable rate.

2. Consult an independent long term care insurance specialist. Being experts in the industry, they can help you make an informed choice as to which benefits to buy, among others.

3. If you’re healthy, limit your choices to insurance companies that have strict underwriting. These companies have lower risks, therefore, there’s lesser probability that they will impose a rate hike in the future.

4. Choose a policy that offers comprehensive benefits – home care, community care and facility care. You probably prefer to receive care at home but there’s a great chance that you will have to be cared in a facility. You might as well prepare how to pay for it.

5. Choose a policy with fewer restrictions when it comes to how you use your benefits. If you can afford it, go for indemnity policies because these policies pay for the exact benefit amount no matter how much the actual costs of your care are.

6. Choose a policy with fewer exclusions and limitations on coverage.

7. Assess your situation and determine which among the insurance riders provide long term care solutions to your needs and which are just unnecessary additions.

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