Which company offers the best long term care insurance policy?

We often get asked this question.  Many of our clients wish to know if one company offers a significantly better long term care insurance policy than another company.

Today, however, long term care insurance policies are more alike than they are different.

In 1996, HIPPA legislation was passed.  HIPPA standardized the benefit triggers for tax-qualified long term care insurance policies.  Today, your eligibility to receive long term care insurance benefits is virtually the same under every contract.  You must either have:

1) an inability to perform 2 of 6 activities of daily living without assistance from another individual; or

2) a severe cognitive impairment such as Alzheimer's disease or dementia

So, then, how are long term care insurance policies actually different?

Well, each company may offer different policy benefits.  For instance, some long term care insurance companies pay out benefits on a daily basis.  Other long term care insurance companies are more flexible and reimburse policyholders for their incurred expenses on a monthly basis. 

Some long term care insurance companies may offer partners or couples the ability to buy "shared" benefit long term care insurance policies.  Other companies may only sell individual policies. 

Some companies may include "calendar day" waiting periods; other companies may only offer "service day" waiting periods.

Thus, today long term care insurance policies are distinguished primarily by "bells and whistles."  If an option is not included in a long term care insurance policy, it is likely the missing feature can be added as an additional cost option.  So, benefits within long term care insurance policies can be made to look fairly alike with a little tweaking.

Long Term Care Insurance Financial Ratings and Policy Costs

There are two areas that long term care insurance policies may be different, however.  These distinctions are:

• Financial strength and stability of the long term care insurance company
• Cost of the long term care insurance policy

Financial Ratings and Stability of the Long Term Care Insurance Company

When choosing a long term care insurance company, first and foremost, it is important to get with a strong carrier.  Insist upon the company having at least an "A" rating from AM Best.  Your long term care insurance claim may be 10 or 20 years away.  Or longer.  It is important to know the company will be there for you when you need it the most.

It is important that the long term care insurance company has a stable track record with in-force premiums and has not significantly raised rates on policyholders after they have purchased coverage. 

Current Long Term Care Insurance Company Financial Ratings

Costs of the Long Term Care Insurance Policy

Not only is it important to choose a strong and stable company for your long term care insurance policy, but also it is important to receive a fair and competitively priced policy.  Long term care insurance costs are based upon your age, your health, and your marital or partner status.  Long term care insurance premiums can actually vary by 60%-80% for the same level of benefits. 

So, yes, we wish for your coverage to be with a financially strong and stable company.  We also want for you to have good benefits for a great price, however.

To ensure you are getting a good deal, it is important to work with an experienced and independent long term care insurance agency that can provide you the premiums for every long term care insurance company in your State, not just with the 3-4 companies the agent chooses to sell.  With full transparency from an independent agency, you can aptly determine the long term care insurance policy that is best for you.

LTC Partner works with the best long term care insurance companies including Genworth, Mass Mutual, Mutual of Omaha, Prudential, Transamerica, MedAmerica, and Lincoln Financial.  We will help you compare long term care insurance quotes and costs, and provide you with sound advice on the options for you to consider. 

To receive and compare your free long term care insurance quotes, please call us toll-free at 1-800-891-5824 or email us at info@ltcpartner.com. 

We look forward to assisting you explore your long term care insurance options.  Thank you.