Long-term care insurance is sold through private insurance companies. Each year, we see more insurance companies offering the polices, which is great news for those shopping for coverage.
The first place most people look when wanting to add long-term care insurance to their planning is their place of employment. Typically, insurance rates are cheapest when purchased as part of a group policy. More companies are adding long-term care insurance to their insurance offerings each year, so even if you have retired, it’s worth checking with your employer to see what may be available through the group plan.
If you do not have insurance through and employer, are retired, self-employed or work for a small company that doesn’t offer insurance, you will need to shop for an individual long-term care insurance plan.
Be sure to shop around when looking for individual plans, and be very careful in your choices. While you may think you are comparing apples to apples, the benefits provided by each insurance company may not be created equal. Be sure that the deductibles and daily, weekly, and monthly maximums are the same before comparing prices for individual insurance options.
Don’t short change yourself. Do research and know what long-term care costs are in the area you live in. Prices for the various types of care vary greatly from state to state and even city to city within each state. Basing your insurance coverage off a national average cost of long-term care may cost your loved ones in the future when your insurance doesn’t cover the costs of care.
