Long term care insurance is not something a lot of us think about. However, it is beneficial for everyone to have. The cost of care for seniors in nursing homes, for assisted living facilities, or in home aids is astronomical and having insurance coverage to help can be a relief. Long term care insurance can be useful for younger people too, those faced with disabilities or recovering from accidents or injuries.
Comparing Policies
Choosing long term care insurance can be extremely difficult as it is hard to predict future scenarios regarding our health and well being. Some things to consider when choosing a policy:
- You need to first consider why you need long term care insurance and determine if you qualify for coverage.
- Understanding inflation in terms of the policies being offered and how that will effect premiums is important.
- Comparing policies for care giver benefits for in home care, nursing homes and assisted living facilities, for both private and shared rooms is crucial.
- Making a list of daily living activities and checking the items on that list with the covered items in the policy is smart. The longer the list and the fewer restrictions the better the policy.
- Calculate the premiums, including future premium increases, and determine what fits your budget.
- Check Consumer Reports and the Better Business Bureau for any complaints or for the best rated companies.
- Use the internet to compare quotes from many companies to find the best policy.
- Talk to agents to determine and narrow down the right policy for your needs.
Best Rated Companies
There are three primary companies that rate insurance companies that provide long term care policies. Those companies are A.M. Best, Moody’s, and Standard & Poor’s. Each company uses a different rating system in terms of letters or numbers, but all three use a grading system to determine the best and worst insurance providers.
At the top of the list for all three companies are John Hancock, Mass Mutual Life, Prudential Insurance Company, and MetLife. These are great companies to start your search with but you should check to see if they offer policies that fit your needs.