loader

COVID-19 Update:

At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time.
Contact us today! Executive Order for Policyholder Payments

6 Factors You Can Consider When Shopping for Long-Term Care Insurance

Apr 05, 2023

Life Insurance

Factors to consider while purchasing long term care insurance Factors to consider while purchasing long term care insurance

Long-term care insurance is a type of insurance that covers the costs associated with long-term care services, including nursing home care, in-home care, and assisted living facilities. This type of insurance can provide you with peace of mind, knowing that you are financially prepared for any long-term care needs that you may have in the future. However, when shopping for long-term care insurance, it is important to consider several factors to ensure that you choose the right policy for your needs. Let’s discuss six of the most important factors.

  1. Health and Age

    One of the most important factors to consider when shopping for long-term care insurance is your health and age. The older you are, the more likely you are to need long-term care services, which means that you may have to pay higher premiums for your policy. Additionally, if you have pre-existing health conditions, you may not be able to get coverage for those conditions.

  2. Coverage and Benefits

    Another important factor to consider when shopping for long-term care insurance is the coverage and benefits that are included in the policy. You should make sure that the policy covers the type of care that you are most likely to need, such as in-home care or nursing home care. Additionally, you should check the benefits to see if they are adequate to cover the costs associated with long-term care services.

  3. Waiting Period

    Most long-term care insurance policies have a waiting period, which is the amount of time that you must wait before your coverage kicks in. The waiting period can vary from a few days to several months, and it is important to consider this when shopping for a policy. You should choose a waiting period that you can afford to pay for out-of-pocket if you need long-term care services during that time.

  4. Cost

    The cost of long-term care insurance can vary significantly depending on the type of policy you choose, your age, and your health status. You should compare the costs of different policies to find one that fits within your budget. However, keep in mind that the cheapest policy may not always be the best choice if it doesn't provide the coverage you need.

  5. Financial Strength of the Insurer

    The financial strength of the insurer is also an important factor to consider when shopping for long-term care insurance. You want to make sure that the insurer you choose will be able to pay your claims if you need to use your policy. You can check the financial ratings of insurance companies through rating agencies like AM Best and Standard & Poor.

  6. Customer Reviews and Reputation

    Lastly, you should consider the customer reviews and the reputation of the insurance company before making your final decision. Look for reviews from current and past policyholders to get an idea of the company's level of service and satisfaction. Additionally, you can check with your state insurance department to see if there have been any complaints filed against the company.

Get the Best Long-Term Care Insurance with Club Agency

If you are interested in shopping for long-term care insurance, consider reaching out to Club Agency for assistance. We can help you navigate the complex world of insurance and find a policy that fits your needs and budget. Contact us today to get started.

Pools and Liabilities: How They Can Impact Your Homeowners Insurance? Pools and Liabilities: How They Can Impact Your Homeowners Insurance?
Pools and Liabilities: How They Can Impact Your Homeowners Insurance?
Protecting Yourself as a Tenant: Understanding Liability Coverage for Rental Damage Protecting Yourself as a Tenant: Understanding Liability Coverage for Rental Damage
Protecting Yourself as a Tenant: Understanding Liability Coverage for Rental Damage
Take Control of Your Car Insurance Rate: Become a Safe Driver and Save Money Take Control of Your Car Insurance Rate: Become a Safe Driver and Save Money
Take Control of Your Car Insurance Rate: Become a Safe Driver and Save Money
Proactive Protection: A Guide to Workers' Compensation Claims for Employers Proactive Protection: A Guide to Workers' Compensation Claims for Employers
Proactive Protection: A Guide to Workers' Compensation Claims for Employers
What Drives Up the Cost of Commercial Auto Insurance? What Drives Up the Cost of Commercial Auto Insurance?
What Drives Up the Cost of Commercial Auto Insurance?