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    Everything You Need to Know About Purchasing Long Term Care Insurance

    Long term care insurance (LTCI) remains a confusing topic for most individuals. Often, people find themselves at a crossroads when it comes to this type of insurance, and some are just baffled by it. For a matter as important as long term care coverage, we really cannot risk too much. So the best way to defeat the confusion that surrounds LTCI is to discuss the issues surrounding it.


    This is why InsuranceDiaries.com aims to achieve in this post. Through each post, we strive to make LTCI easily manageable for everyone who needs it. So, let’s talk about it, shall we?


    Do not forget to share your thoughts with us. Let us answer all your concerns and queries about LTCI together. Cheers!

    long term care insurance

    Different ways to buy LTCI

    There are difference ways to find and secure LTCI coverage. It all depends on what is applicable and more convenient for you.


    1. Individual policies – This is the most common type of LTCI policy. Individual policies vary based on what company it was bought from, as well as benefits that are offered. It would be wise to check with many insurance companies for the coverage that will best suit your needs.


    1. Group policies – Some employers may offer a group LTCI plan. Other times, it could be individual policies for a group discount. Some offer plans where individuals do not have to pay for premiums, while others do. People may also be able to purchase the individual policy that the employer is offering at a discounted rate. Make sure to ask your employer if they offer group plans.


    A group policy’s advantages include not having to meet the medical requirements, or the screening process may not be as strict as applying for an individual policy. It is possible to keep the coverage even after leaving the company or until the group plan gets canceled.


    1. Federal and State Government policies – The Federal Long Term Care Insurance Program is offered to Federal and US Postal Service employees and retirees, active and retired service members, as well as their qualified relatives. The policy owners are required to make the payments for the premiums but are lower than the regular ones of an individual policy.


    Having a relative or a family member who is a state or public employee or retiree gives the opportunity to purchase LTCI under a state government program.


    Shopping for LTCI

    Here are additional tips on how to maximize shopping for LTCI:

    • Analyze what you may need – Identify the services you may need depending on your potential condition and make sure to have a policy that will suit you.
    • Look through many insurers – Insurance companies have different offers with policies. One policy may be cheaper from another company. Use the free quotes for comparison.
    • Get your money’s worth – Be sure to get your policy from a licensed insurance company and agent. Perform a background check on the company to check for financial stability and good customer feedback. Ask current customers about the reputation of the company.
    • Look into the company’s history of rates – Although past rate increases of rates are not foretelling of the subsequent increases, they can be used as a basis for comparison with other companies. You can see how well they are able to deal with these rate increases and how they are able to help their clients through it.
    • Only go with a trusted source – LTCI companies and agents who have good reputation did not earn their status without doing the work to show for it. Be sure to go with a specialist to provide answers to your future needs.


    Be sure to shop around to find the policy that would suit your potential needs and conditions. LTCI is largely beneficial to every American at risk of needing long term care. You just have to be wise about the decisions that you make and the people you speak with.


    Useful Websites/Resources

    Administration on Community Living (National Clearinghouse for Long-Term Care Information)

    A government website that discusses in great details long term care in the United States. It talks about the basics of long term care, as well as provide useful data to guide individuals in their planning.

    Website: www.longtermcare.gov



    A health insurance program managed by the government for older adults age 65 and older, younger people with certain disabilities, and individuals with End-stage Renal Disease.

    Website: www.medicare.gov



    An LTCI company and information hub discussing various long term care-related issues.

    Website: www.altcp.org


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