Shopping for long-term care insurance can be a daunting and frightening task. You can’t get prices directly from the companies nor on the internet. There is no ratings agency for insurance coverage professionals that tells you whether the one particular you are speaking with is helping or just selling the only policy they are able to advertise.
Every year just over half a million Americans apply for long-term care insurance. Most start the process as a result of reading the newspaper or magazine article, getting a direct mail solicitation or perhaps because their employer offered the insurance coverage. Most admit they had no idea where to begin and did so with much hesitation and trepidation.
There is a publication produced by insurance regulators called the Shoppers Guidebook but it is about as handy and current today as a volume of the Encyclopedia Britannica. Great if you want to press flowers but lousy if you want assist when considering long-term care insurance.
The particular realization that consumers wanted something that wasn’t easily available inspired me to focus on the topic at a talk given lately before a group of aging baby boomers. That they had heard about the risks that ensue from living a long life and the potential cost of long-term care. What they desired to know was how to proceed. How can they tell who is telling the truth and who is giving a canned sales pitch.
Here are two of the points I shared and I hope they assist you to as well.
Are You Talking To A Dental professional Or An Orthodontist?
Like most individuals, I go to my dentist once a year. Sure he’d like me to come more regularly but after all, I always know better.
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Of course , when my children were young, they did go every six months — because you want to perfect for them. When two needed braces, did my dentist offer additional? Of course not.
It wasn’t as they had flunked out of dental college. He hadn’t. It was simply because it was a very specialized field that required a high degree of knowledge and experience.
Well, exactly the same is true when it comes to long-term care insurance. Some insurance products are digital commodities. No real expertise necessary to sell them. Long-term care insurance plan isn’t one of these. In fact , it may well function as the single most complex insurance security product offered today. That’s why the insurance agent who sold you car or homeowners insurance probably never brought up the topic. He or she is terrified you are going to ask a question they don’t have an answer to.
So , tip number one; seek out an expert. How do you spot one? Well first, hopefully they’ll be a member of the industry’s trade association focused on education standards. But more likely, simply ask when they can provide you with three or four references of satisfied clients.
If You Find A Lower Price — We’ll Match It
I confess it. I am a savvy bargain hunter. And Google makes it so much easier today to comparison shop. But as if the purchase of insurance was not intimidating enough, comparing prices is hard. When it comes to long-term care insurance, it can be downright daunting.
And, when I purchase a computer at Best Buy, I know I have 30 days during which I can shop for a lower price. Try asking a long-term care insurance to match the lower price. Actually, save your time and energy — it’s not going to happen.
When it comes to shopping for long-term treatment insurance you basically have two options. Create your own excel document and start shopping for coverage. When you find what you want apply and see if the insurer accepts a person. Some will, others will accept in a more costly premium. And, to be fair to the many specialists who have a tendency lead with the lowest possible cost, some may actually offer you a preferred or even lower rate than you anticipated.
You’ll want to compare costs from the six leading long-term care insurance companies; Genworth, John Hancock, Mutual of Omaha, Prudential, MedAmerica and LifeSecure. You will find others you might add to your checklist as about 20-to-30 companies provide these products.
A thorough comparison will probably take 10-to-12 hours of your time and as I noted above you very likely will have to submit at least one application to make sure you can health qualify at the desired price. Remember that you can cancel any plan within 30 days — it’s called the free look period.
A better suggestion is to hire someone to do the searching for you. In this business experts work with free to boot. They only receive money if and when you purchase a product they have suggested.
Let the expert shop the market to suit your needs based on their experience and thorough knowledge of the company, their acceptable standards and policy costs.
Buying long lasting care insurance does not have to be frightening or difficult. Work with an expert and you should find it much more satisfying than a person anticipated.
The American Association regarding Long-Term Care Insurance is the nationwide trade organization providing consumers along with relevant and current information designed to help you make smarter decisions. The Organization does not sell insurance products but works with several thousand insurance and financial professionals nationwide.