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Long Term Care Insurance: What is it exactly?

Long term care insurance: Who needs it anyway? Page #1

Long term care insurance: Who needs it anyway? Page #2

Selecting the Best Policy  Page #1

Getting the Right Policy #2

Necessary Features of Long Term Insurance Plans #3

Long Term Features Page #4

Web Site Map

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General Information and Referral-St. Louis, MO

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Social Security: Can I get it now?

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Long Term Care Insurance Policies: Selecting the Best? 

How do you go about selecting the long term care policy that is best for you?

As with in choosing any other product, you always need to compare several long-term care policies to find the one that best suits your parent or loved one’s needs. You may need to contact your state insurance department to find out which companies provide long-term care policies in your area. Another option may be to add a rider onto a current health insurance policy.  Several companies offer free quotes through the mail or over the Internet.  You may do a search on the Internet using "long-term care insurance" to find some of these companies. 

It is not easy to compare long-term care policies.  They vary in so many ways- when they come into effect, what they cover, how benefits are paid etc...  You should ask to see an "outline of coverage" detailing a long-term care policy’s benefits, costs, restrictions, and limitations. 

When reviewing long-term care policies, you should be sure that any special features are worth the price paid in higher premiums.  Additional coverage of any type will add substantially to the cost.  You should not simply consider what your parent or loved one wants and then get quotes.  You should compare the basic packages with the more expensive policies, see what each item adds to the price of the policy and then determine if it makes sense to pay the higher premium. 

A growing number of employers are now offering long-term care policies to employees, retirees, and sometimes employee’s parents as well.  Usually this means discounted premiums (they're often paid for with pretax dollars). The federal government is now offering long-term care policy options to most federal and U. S. Postal Service employees, active and retired members of the uniformed services and their spouses, and adult children (employees can also get insurance coverage for their parents, parents-in-law and step parents).  For more information about the federal program for long-term care policies you should go to www.ltcfeds.com or call 1-800-582-3337. 

Even if your employer offers a long-term care policy option, look at other plans and compare.  Just because the company has a group plan that includes long-term care policies doesn't mean it's the best option for you or your parent.

Also, See Getting the Right Policy #2

Some information from How to Care for Aging Parents by Virginia Morris 

Additional information and web page by Paul Susic M.A. Licensed Psychologist Ph.D. Candidate  Clinical Director- Senior Care Psychological Consulting 

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