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. While many people turn to the internet or a local insurance agent or financial advisor the question many people ask is whom should they turn to find accurate information.
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 their 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.
Most likely the most qualified specialist will not even be in your state. Most top specialists will help consumer’s on the phone and internet without your need to ever go to an office. Most insurance companies use electronic applications which makes it 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 and future (or current) retirement plans. If they don’t spend considerable amount of time discussing these areas you should be suspicious. 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.
Start your research by finding your state on the LTC NEWS MAP. This will show you the current average cost of long-term care services and supports, available tax incentives and the availability of partnership plans which provide additional dollar-for-dollar asset protection. Click here for the map.
You can find a specialist by clicking here.
Understand the reality of getting older. As we age many of us will require help with normal 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 will safeguard your assets and make getting older easier on those you love.
Experts suggest obtaining coverage prior to retirement.