This is the last post in a series of discussions about long term care & LTC insurance, based on a video series by Kiplinger’s Long Term Care Center. Over the past couple weeks we’ve looked at what long term care is, the costs of long term care as well as how to pay for long term care. If you’re now considering long term care insurance, the last question is, how do choose the best long term care insurance company?
Top 5 factors you should be aware of when choosing a long term care insurance company:
- Is the company stable?
- Are the premiums affordable? (Both now and in the future, when, if, income declines)
- What about rate increases? Years ago folks were screaming about LTCI companies who said rates wouldn’t increase, but they did anyway. Thankfully this is changing, as the insurance companies gain a better idea of costs incurred over the life of a plan as well as new regulations
- When ready to buy, who should I talk to? This is important and many may not realize just how important. Working with licensed long term care insurance professional will greatly reduce the chances of being sold a policy that isn’t right for you.
- Do you homework, get professional help, base your decision on what makes sense for you!
We have put together a post rating the best long term care insurance companies. You can read it HERE
You can watch the entire video series on Kiplinger HERE
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