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Published: Oct 15th, 2018

Seek Specialist to Help with Long-Term Care Insurance Plan

Seek Specialist to Help with Long-Term Care Insurance Plan
Article Updated:February 17th, 2020

Consumers today are very aware of the need to plan for longevity and its impact on savings and lifestyle. Interest in Long-Term Care Insurance has increased as American families see first-hand the impact aging and health has on a family's savings and lifestyle. Long-Term Care Insurance is already helping American families pay for care. In 2019 the major insurance companies paid over $11 Billion in benefits.

For many families, Long-Term Care Insurance can provide the resources to safeguard future retirement funds while reducing the stress placed on family. While many people turn to the internet or a local insurance agent or financial advisor, the question many people ask who they should turn to find accurate information. so they can make a good decision.

LTC Insurance Specialist Can Help You Plan

The American Association for Long-Term Care Insurance (AALTCI) is a national consumer education and advocacy group. They recommend consumers find an experienced, qualified specialist who represents multiple major companies. 

Many general insurance agents and financial advisors lack the proper understanding of policy design, underwriting, partnership requirements, and claims. Since every company has its own features and benefits and underwriting niches, it is best to find a person who can navigate the complexities and make them simple. 

Insurance premiums are regulated, but premiums can vary dramatically from company to company for the exact same coverage. If you live in a Long-Term Care Partnership state, additional policy design requirements exist that a specialist would understand.

Read more by clicking here.

Most likely, the most qualified specialist will not even be in your state. Most top specialists will help consumers on the phone and the internet without your need to ever go to an office. 

Most insurance companies use electronic applications that make the application process easier and reduces paper waste. When you find a specialist be sure they ask you very detailed questions about your health, your family history, your financial situation. The specialist will need to understand your future (or current) retirement plans as well. If they don't spend a considerable amount of time discussing these areas, you should be suspicious. Experts say an insurance agent or financial advisor is not able to provide accurate quotes or provide professional recommendations without getting this information before generating the quotes.

Experts say underwriting rules are very specific but differ from company to company. Plus, you might qualify for discounts with one company and not another. 

Long-Term Care Insurance is Affordable but Premiums Vary Over 100%

Premiums can vary over 100% for the same benefits. A Long-Term Care Insurance specialist will match your age, health, family history, and other factors in generating their quotes and recommendations. Armed with this information, the specialist can save you money.

Start your research by finding the current and future cost of care services where you live. The LTC NEWS cost of care calculator is a great tool that allows you to see the financial impact long-term care will have on your assets and income. You will also see any available tax incentives available in your state plus the availability of partnership plans which provide additional dollar-for-dollar asset protection. Click here for the calculator. 

You can find a trusted and experienced Long-Term Care Insurance specialist by clicking here

Maintain Control Over Your Life

As you are thinking about how you will plan for the financial costs and burdens of aging understand the reality of getting older. The fact is long-term care creates dependency. Most people don't want to be dependent on anyone. You want control and independence. Plus, most people don't want to place the stress and burden of caregiving on their family members. Affordable Long-Term Care Insurance keeps you in control, protecting your savings and easing this burden otherwise placed on those you love.

Know the facts. Longevity means a greater risk of needing extended care. 

As we get older, many of us will require help with routine activities of daily living or even supervision due to cognitive decline. Caregiving is hard on loved ones, and paid care will drain your hard-earned savings and adversely impact your income and lifestyle. Affordable Long-Term Care Insurance is a solution that will give you and your family peace-of-mind.

Act before you retire, ideally in your 40s or 50s, when you can enjoy low premiums and even preferred health discounts.