Buying Long Term Care Insurance is a great way to safeguard your financial future. But just how do you choose from the variety of policies available out there? How do you select the right company, the right benefits, and the right policy riders? To make sure that you go for a plan that best serves your needs, this page provides some handy buying tips.
LTC Insurance Purchase Tips
#1 Save Money Tip
In the Long Term Care Insurance domain, few companies link you up to as many policies as we do. Some traditional agents might add budget-busting riders and options that you didn’t specify in the cover, which can dramatically increase the cost of your premiums. Our platform gives you a second opinion right from the comfort of your living room couch. We send you side-by-side comparisons from the top carriers in the market. This means that you buy smart without having to spend time sitting around and talking with a local agent for hours.
#2 Group LTC Plan or Not?
If you have good health, you probably will want to ditch the group plan. Group plans categorize everyone into the same ‘rate class’. That means you miss out on up to 20% good health, marital and partner discounts. You’ll also be at the mercy of your co-workers health. Group plans often lack automatic inflation protection. This means that by the time you’re 85 years old and start getting benefits, your purchasing power might be seriously eroded.
The ‘Federal’ Long Term Care plan covers millions of retirees and active federal employees. But you’ll find that 75% of the times, individual plans have better rates.
#3 Now, what’s my financial advisor saying
Your financial advisor will likely tell you that it’s important to buy Long Term Care coverage. In fact, 99% of financial advisors will actually sell you the coverage. But the truth is that most of them have no idea what they are doing. This is simply not their area of expertise. You want to work with a company or individual who’s knowledgeable on all the options and policies there are. You can also try our online advantage.
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