Long Term Care Insurance Brokers
With the cost of some nursing homes exceeding $10,000 per month in some cases, it is easy to see why there is an ever-increasing demand for long-term care insurance policies. Long term care insurance (also commonly referred to as LTC insurance) is a type of insurance policy specifically designed to cover the expenses associated with long-term healthcare services, the majority of which are not covered by conventional health insurance policies. Examples of such services include in-home assisted living services, and those that pertain to assisting the elderly or needy with carrying out daily living activities in a home or community environment. There are a plethora of long term care insurance policies available in the market today that provide diverse benefits and care options which can be custom-tailored to suit your insurance needs. The following paragraphs discuss the benefits of long-term care insurance, and how long-term care insurance brokers can help you find a plan that will accommodate your long-term insurance requirements.
The Benefits of Long Term Care Insurance
Some long term care insurance brokers refer to long-term care policies as "insurance that helps you avoid the nursing home”, as it provides the financial assistance needed to obtain in-home assisted living services, rather than resorting to institutionalized community nursing homes (which are often less hospitable, and more expensive than in-home assisted living services). When selecting a long-term care insurance policy it is important to consider the lifetime benefit maximum (the total amount of coverage that can be provided by the policy) and/or overall benefit period (the period of time in which the policyholder is eligible for coverage). In general, the overall benefit period will range anywhere from 2 to 5 years, however there are policies available that offer lifetime/unlimited coverage as well. The majority of long-term care insurance policies equate the overall benefit period to a specific benefit maximum (a maximum dollar amount that can be applied to coverage during the policy's term). Long-term care insurance also provides the benefit of consistency and simplified budgeting, allowing the policyholder to pay fixed premiums in advance.
What Do Long Term Care Insurance Brokers Do?
Long term care insurance brokers are basically insurance agents that are hired to provide quality advice and help you compare prospective insurance policies based on your individual requirements and a predetermined set of criteria. Most long term care insurance brokers will have you fill out a brief questionnaire that will accurately establish which type of LTC insurance policy would be most suitable for your budget, demographic, and current medical condition. Without the assistance of qualified long-term care insurance brokers, many seniors and individuals with chronic illnesses would spend excessive amounts of money for services that are not ideal for their circumstances. In essence, long-term care insurance brokers find the best insurance services based on your input, and then receive a commission for referring you to specific insurance companies.
How to Choose a Long Term Care Insurance Policy?
The first step in comparing long term care insurance policies is to find a reputable insurance company. Since you probably won't be using the coverage for many years to come, it is important to deal with an established company that will still be in business when it matters most. It is also imperative to check the claims record (a detailed history of how the company responds to policyholders' claims) of an insurance company before purchasing a policy from them, as this will affect how responsive your coverage is. The cost of of your long-term care insurance policy will vary depending on a variety of factors including your age when the policy is purchased, additional/optional benefits selected (i.e. – inflation protection), and your medical condition at the time of applying for the policy.