LONG-TERM CARE SHOPPING CONUNDRUM
THOSE OVER 50 QUESTION SOCIAL SECURITY
Frank N. Darras, the top insurance attorney in the nation, understands the fears of those over 50 who don’t put much faith in our failing Social Security system. Now we face the conundrum of what to do and most of us are looking at Long-Term Care insurance as the most viable option.
With over 75 million Americans 50 years or older there are a lot of piranha swimming around waiting to sink their teeth into uneducated, unsuspecting baby boomers.
The first decision is to choose the right carrier. The last thing anyone needs, especially as they are aging, is to suffer insurance bad faith.
Darras has a few tips to help you choose:
-Look at all the company’s financial information including stability and financial ratings
-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 and number of premium increases over a 5-year period)
-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?
“Today’s choices will shape tomorrow’s life,” states Darras. Here are few more tips to consider:
-If you can afford to cover rising medical costs over the years directly, don’t spend you money on LTC premiums.
-If you decide to buy an LTC policy make sure it is a stand alone, comprehensive offering, or it is a rider on your life insurance policy, or an integrated, single premium deferred annuity.
-What happens should the company go belly-up?
-If your LTC is part of your disability policy, make sure it is sound and provides the benefits you need.
-Understand your rights should your claim be wrongfully denied and seek quality legal counsel.
“Don’t make this decision fast and furiously. The quality of financial life for your golden years depends on how carefully you make your way through all the choices that are available,” reminds Darras. “Take your time, shop wisely, and get legal advice if there is anything you don’t understand.”
“Remember,” Darras says, “What the big print giveth, the small print can taketh away!”
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