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Why is Long Term Care insurance so complicated?

July 28, 2017

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Be Aware When Looking for Long Term Care Insurance

April 23, 2017

 

"Lowest rates on Long Term Care insurance."  Have you seen that on agent and broker web sites?  The fact is that every agent offers the exact same rates from the same companies.  In other words, any agent selling you a Genworth policy has to offer you exactly the same rate as another agent.  Shopping on price only means finding another insurance company that has lower rates.  This is extremely difficult because most companies are represented by multiple agents.  

 

Shopping for the lowest rates also means that you might be giving something up in terms of policy benefits.  For example, there are subtle changes that companies make to lower their rates.  It may not seem like much but some carriers provide a daily benefit limit rather than a monthly benefit limit.  This may not seem like much, but what if you purchase a $3,000 per month benefit, which is about $100 per day.  Let's say that some days during the month you spend $50 a day and others you spend $150 per day.  The average is still $100 per day, but in the case of a policy with monthly limits, all of your costs would be covered.  In a policy with a daily limit, you would have to spend $750 a month out of pocket.  You would have paid a less expensive premium, but you would pay more on the back end. 

 

Other agents offer a quick quote.  Is Long Term Care insurance really something that you want to purchase quickly?  Is this really a decision you want to make in a hurry?  One of the reasons, I don't provide a quote form is that I want to speak with people to help them understand the difference between policies and to make sure I understand their needs.  I can't make a good quote unless I know what people are trying to accomplish.  

 

Also, beware of any agent that wants you to make a decision on a policy at an initial meeting.  That agent most likely has no idea what you really need.  

 

Any competent agency can let you know the alternatives, show you policies from multiple companies and show you different types of policies.  

 

Don't get pulled in by agents with catchy phrases or promises for the lowest prices.  Find an agent you trust and who is willing to spend the time to inform you about this important purchase.

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