No matter where you live, your state's insurance department has approved a minimum of 20 different insurance companies to sell their long term care (LTC) product to its state's residents. So how do you choose the company that will meet your needs and requirements? There are five major areas I suggest you consider before deciding on an LTC insurance provider;
- How long has the company been in business? I suggest you select an insurance company that has been in business at least 75 years.
- How long has the company offered LTC Insurance? I would look for a company that has offered an LTC insurance product for at least 15 years.
- Have they ever raised premiums on existing policyholders? If the answer is yes, keep looking for another company. The best companies have never raised premiums on their policies that are in-force.
- How are they rated? Look for a company with an A+ or better rating from the major independent credit rating companies which include A.M. Best, Standard and Poor's, and Moody's. See this post for current ratings.
- How do their rates compare?An independant LTC Insurance agent can provide you with a comparison of equal benefits between several providers. The company you select should offer competitive rates on identical benefits (always make sure you are comparing apples to apples in any rate comparison).
All of these questions can be answered by your state insurance department or a long term care insurance specialist.
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