Looking at buying a long term care insurance policy? Congratulations as you’ve taken the first important step to attaining financial freedom. Now before you request long term care insurance quotes it would be wise to perform a background check on the insurance companies that you are eyeing.
Nowadays you won’t find frauds just roaming the streets. Many of the modern ones hold offices in posh skyscrapers and wear decent clothes. Don’t fall prey to their deceitful dialogue about long term care insurance (LTCI) lest you fall into the financial hole.
Only negotiate with leading LTCI companies and they are easy to find via reputable insurance rating companies such as A.M. Best Company, Moody’s Investors Service, and Standard & Poor’s among others.
If you’re not sure about which company to request LTCI quotes from, you can get in touch with your insurance agent but if you don’t have one you can contact a renowned professional firm which markets LTCI policies from major providers. It is advisable to seek assistance from a company that is affiliated with top LTCI providers as it is more capable of getting you a quote that will match your budget and healthcare requirements.
Simply supply the company with your complete information so that they can gather LTCI quotes that will suit your needs. It’s important that you tell them your current age, family’s health history, your present health condition preferably supported by documents from your physician, preferred LTC setting, and the budget which you intend to allot for a policy.
If you buy a policy before the age of 50 you can enjoy a low annual premium but then again, there are other determining factors such as the total amount of your benefits, your maximum benefit period, elimination period, inflation protection, and even the manner of receiving your benefits.
What’s in Long Term Care Insurance Quotes?
Your LTCI quote is basically what you want to see on your LTCI policy so once you get hold of it, study it very well before giving your approval.
Consider it as the rough draft of a potential LTCI policy that is why it is necessary to furnish your LTCI representative with factual information; or else you might end up with a policy that you will never get to use.
Your choice of LTC setting will determine your policy’s maximum benefit amount so if you tell your agent that you want to receive in-home care only, the quote you shall receive shall not be based on the cost of LTC facilities.
Should you need care in a nursing home or assisted living facility someday, you have to figure out how to foot your expenses since your benefits won’t be sufficient.
Twenty years down the road, the cost of care is projected to quadruple so to be safe request long term care insurance quotes for a comprehensive LTCI policy. This way you will be able to receive extensive coverage whether for in-home care, institutional or community-based care.