LONG-TERM CARE: BE CAREFUL, BE SMART
“Long-Term Care insurance has changed a lot over the past 30 years. It used to be just a supplement to Medicare. Now, it is multi-billion dollar industry, offering baby boomers a multitude of benefits,” says Frank N. Darras, the nation’s top insurance lawyer.
Sales of long-term care insurance have gone up 21% annually with over 6 million Long-Term Care policies sold in the US. Ironically, the number of companies that sell Long-Term Care policies is, however, on the decline to fewer that 70 companies. And, out of those, 10 companies have captured 84% of the market.
“With such limited choices, consumers really need to be especially protective and do their homework before purchasing a Long-Term Care policy,” says Darras. “Wrongful denial of claims can be devastating at a time when you seriously need financial assistance.”
Your first decision needs to be choosing a carrier. Darras has a few tips to help you choose:
-Look at all the company’s financial strengths (financial reports, press releases and other forms of media, and any legal actions in the past few years).
-Find out what kind of a commitment the company has to Long-Term Care (how long they’ve been selling it, how many policies sold per year, rate of premium increase over a 5-year period)
-Check out their rate stability.
-What is their track record for paying claims?
-What kind of benefits do they offer?
-Where is the Long-Term Care provided? What are your options?
-How do they define long-term care?
-Do they have a clause to provide you with temporary Long-Term Care?
-Know what the policy covers. Investigate the levels of custodial, intermediate and skilled care offered by the policy.
The quality of financial life for you and your family depends on how carefully you make your way through all the choices in Long-Term Care that are available. Take you time, shop wisely, and get legal advise about anything you don’t understand.
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