Long Term Care Begins With a Quote
Before you can get yourself a long term care insurance (LTCI) policy which is designed for your specific healthcare needs, you have to take the first step. And that is getting a long term care quote.
LTCI quotes vary as each individual requires a unique set of healthcare requirements. By identifying your specific needs you will be able to work efficiently on the most important aspects of an LTCI quote.
Have you thought about where you would want to grow old someday? For instance, a New Yorker who had spent 60 years of his life in Manhattan ends up retiring and receiving care in Alabama. Let’s say you have already decided on this, have you done the same with the type of care that you will be receiving someday?
Long term care (LTC) is offered in different settings. It can be rendered at home, in an institutional or community-based facility. Though most people would prefer to stay home, the Department of Health and Human Services has reported that 40% of today’s elderly population aged 65 and older shall be admitted into a nursing home.
Each of this LTC setting comes with different rates but all are nonetheless costly. Identify the type of care that you see yourself receiving someday and once you are done with this, go around and canvass rates for this type of LTC service.
Your age is another factor that will determine your LTCI quote. Younger people pay lower premiums while those who have secured their LTCI policies between the ages of 55 and 75 are currently paying out a chunk of money annually.
Which Company Offers The Best Long Term Care Quote?
There is not a single insurance company that can claim it is the best long term care plan provider. Even a company that is occasionally surrounded with controversies can turn out to be the financially strong one.
Policyholders of John Hancock’s LTCI, for instance, lashed out at the company when it increased their premiums up to 40%. Despite this, the company continues to receive A+ and AA+ ratings from renowned insurance ratings companies such as A.M Best, Moody’s Investors Service, and Standard & Poor’s among others.
If a company consistently garners good reviews it just goes to show that it is financially stable and thus capable of providing the needs of the public.
Once you have determined the companies from which you’ll be requesting LCTI quotes, choose the manner of receiving benefits. Through a reimbursement policy, a policyholder will not get his maximum daily benefit because his insurer will only reimburse the exact amount of LTC expenses which he has incurred, and keep the remainder in the policyholder’s pool of benefits for his future use. Indemnity policies, on the other hand, pay out the total amount of one’s daily or monthly benefits and thus these come with higher premiums.
LTCI professionals advise buyers to integrate an inflation protection rider into their LTCI policies to keep it at pace with the inflation of LTC costs. Choosing a compound annual inflation protection will cost you more in premium than a simple annual inflation protection, but the former offers maximum protection for policy benefits.
With these things in mind, you will definitely manage to get your hands on a long term care quote that is compatible with your healthcare needs and budget.
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