Category Archives: Long Term Care Insurance Carriers

Our Top 3 Picks for Long Term Care Insurance Companies

Just like you shop around for the best auto insurance coverage, you should also shop around for Long Term Care insurance (LTCI). Here, we’re helping you by recommending our top three picks for Long Term Care Insurance companies.

Our review comes from decades of experience working in the LTCI market. We’ve watched carriers come and go, release policy series rate increases, innovate with new products, and most importantly, pay claims.

Learn more about these top three LTCI carriers (in alphabetical order) and why they’re leading the market today.

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How to Pick the Best Long Care Insurance Company

The average consumer compares price and features when buying a new car, TV, or computer. Many may ask around or start their search with a brand they know and trust while comparing to other brands and products on the market.

The same rules can apply when searching for the best Long Term Care insurance company and product. Many insurance companies offer LTCI, but their financial strength, experience, product, and premium rates can be different.

Consider the following three factors when shopping for the best Long Term Care insurance company.

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Retiring Overseas – Plan for Long Term Care

The world is at your fingertips. As you consider retirement, you may have the luxury of jet-setting to far off locations and plan on retiring overseas.

If you’re planning for retirement years filled with travel and adventure overseas, don’t forget to think about your long term care needs in the future.

While some may retire overseas to be closer to family, others may be further away from family or friends who could provide care in an emergency.

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What to Look for in a Long Term Care Insurance Policy

Long term care insurance policies offer many benefits. But if you’re not familiar with LTC products or insurance in general, how do you know what to look for in a long term care insurance policy?

Never fear. The following will help pinpoint what you need to know when looking for the right long term care policy for you.

A Financially Strong Company

When choosing a long term care insurance policy, it’s important to look at the company providing it. Are they financially strong and stable? Will they be there to pay the benefit when you need it 20-30 years from now?

It’s wise to consider the financial strength of the insurance carrier, their history of rate increases, and experience with LTC insurance claims. Work with an LTC Specialist who is experienced in the market and can guide you to strong and stable carriers.

Access to a Range of Care

Do you prefer to receive care in your home? Or perhaps a community-based care model or an assisted living facility?

Most policies today cover care in these locations and more. But it’s important to understand, care services may change in the future.

Find a policy that covers today’s care facilities and is flexible to cover care in the future, however that may look.

Coverage that Protects Your Risk

Long term care policies are flexible so you can decide how much benefit you want and how long you want it to last. The two main factors that determine your benefit pool, or pool of money, is the daily or monthly benefit and the benefit duration.

  • Daily or Monthly Benefit – Depending on the carrier or product, you may choose a daily or monthly benefit. A daily benefit pays up to the daily allowance. For example, $150 per day. A monthly benefit pays up to the monthly allowance. For example, $3,000 per month. Monthly benefits offer more flexibility when care needs may fluctuate day to day.
  • Benefit Duration – The benefit duration is the number of years your coverage will last. The most common benefit durations are three or four years of coverage.

When you multiply these two factors together, you get your pool of money. For example, a $3,000/month benefit for four years equals a benefits pool of $144,000.

Inflation Protection for the Future

In the example above, $144,000 may sound like a lot today, but it won’t be worth as much in 20-30 years when you need care. This is why it’s important to grow your coverage over time with inflation protection.

Compounding inflation will grow your pool of money at 3-5% each year. Additional inflation options are available to fit your budget.

Discounts!

Who doesn’t love saving money? You may be eligible for discounts for having great health, being married or in a domestic partnership (according to carrier standards), or applying for coverage with your spouse or partner. Explore all your options to secure the discounts you deserve.

Don’t navigate long term care planning on your own. Work with an LTC Specialist so you know exactly what to look for in a long term care insurance policy. Get started today with a free quote.

LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.

Am I Too Old To Qualify for Long Term Care Insurance?

In some of our previous blog posts we have covered the basics on understanding long term care insurance (LTCI) and the health underwriting that goes along with it.  We have also covered when you should get LTCI, which is when you are young and healthy enough and have assets to protect, in short.

Now let’s assume you are ready to purchase long term care insurance and you feel strongly that insurance is the right choice for your long term care plan.  But can you be too old to obtain coverage?

Below is a list of issue ages* for current products from carriers that we represent.

Traditional Long Term Care Insurance:

Genworth Financial: 40-75 years old

John Hancock: 40-75 years old

MedAmerica: 18-85 years old

Mutual of Omaha: 30-79 years old

Transamerica: 18-79 years old

Combination Life/Annuity and Long Term Care Insurance:

Lincoln Financial Group: 30-80 years old

Minnesota Life: 0-85 years old

Nationwide: 40-75 years old

OneAmerica: 50-80 years old

The question of age is important because every year older before you buy a policy, cost goes up.  Also, as we age we often begin to have health issues that can make you uninsurable regardless of age.  We recommend looking into a long term care plan between 50-60 years of age.  Speak with a specialist today to learn more about what option may be best for you, or read more about why it is best to buy long term care insurance at a young age.

LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.

*Issue Ages vary based on product and product availability.  Please check with a specialist for further details.