Just because an insurance company is famous for dishing out assorted insurance policies, it doesn’t follow that it is trustworthy. What you will receive in the long run will solely depend on the company from which you purchased your insurance policy so it is important to dissect a company before even getting down on the different components of your policy.
For instance, if you’re scouting for the right insurance, long term care related, pick a company that is known on this field. Aside from a company’s tenure in the industry, it is also wise to check out what other people have to say about it. If the company has earned extensive reviews from its clientele, then you bet it’s doing a great job.
If you’re nearing your golden years and feeling pressured to clinch an insurance as long term care costs are continuously soaring, take your time to review each company that offers LTCI policies. Your future is in the hands of any of these insurance firms so it pays to be very choosy.
If your intuition tells you that what a company is offering you is going to eventually push you on the brink of danger, don’t accept it. There are many ways to spot the integrity of an insurance company so even you only have two more years left before turning 60, play it slow than be sorry.
You’ll know that a company delivers what it has promised its customers if it has been receiving high scores from authoritative rating agencies such as A.M. Best Company, Fitch IBCA, Weiss Ratings, Muhanna & Co., and many others.
Once you’ve found such company, its products are definitely worth checking out.
First and foremost, ask if it offers an LTCI policy that will pay 100% of your LTC expenses regardless of where you receive care. This type of policy is called comprehensive, but if you don’t find this on the list of choices presented to you, simply ask for one that ensures all your incurred LTC expenses will be covered. Most if not all insurance companies that offer LTCI have this.
Upon being presented with a policy, check out the premium right away. It should be based on your maximum benefit period, maximum benefit amount and inflation compounded or simple rate. After computing and you find the premium too high, it only means that this company is just out to rake in your money.
Read the section which bears the benefit triggers, as each company has varying requirements you have to meet before it agrees to pay for your LTC. So many people have had painful experiences with regards to their LTCI because after an incident had triggered their disability and inability to perform their daily activities of daily living, the insurance company that issued their policies still wouldn’t pay the expenses which they have incurred for in-home care, in a nursing home or an assisted living facility.
You will encounter many insurance companies that will tell you once a benefit trigger occurs they’ll automatically take over all of your expenses. In reality, once you think an event or incident has qualified you for LTC, you need to review your policy because an insurance company can easily hold it up in front of you and tell you point-blank that your condition is not stipulated there as a benefit trigger.