what is the best long term care insurance?

Answer 1

The kind that's in force when you need to pay for long-term care.

But, seriously folks....

Long-term care insurance is not an "off-the-shelf" commodity. To get the best coverage, you need to do a lot of homework and become an informed consumer on the subject.

1) Take the time to go online and get resources for your research. A good place to start is your state department of health website. Virtually all states have a section on issues involving the elderly where you will find information about late-life health problems and paying for care.
2) Order whatever free information you find there or copy and paste it to a Word file and save it in a folder that you create for "Long-term Care".
3) After familiarizing yourself with the landscape, contact several nursing facilities and a couple of home care agencies in the location where the insured is likely to retire. Ask them about average costs and what insurance companies they like to work with...and ones that they don't.
3) Find a competent long-term care agent, preferably one that has taken advanced coursework and is experienced in long-term care PLANNING, not just insurance. Make sure that s/he is an independent agent and can represent several highly rated insurance carriers that have long-time experience in the long-term care market. Examples: John Hancock, MetLife, Genworth (formerly GE) and Prudential. Every carrier designs their coverage a little different from the other, so it's hard to compare apples-to-apples. The lowest premium is not always the best choice for your particular situation.

The rest is up to you. Make your choice of contract design and insurance company based on sound research and a clear understanding of what the insured needs.

This coverage isn't cheap. But, the annual premium may be a lot less that even one month's cost for home or facility care. Everyone over 45 should be seriously considering this type of insurance - both for themselves, or their parents.

Answer 2

That depends on what is important to you. Buying from most companies is hell at claim time. You get a broker that will sell it, but you are on your own during the paperwork of the claim. The claims are complicated to figure out on your own. I work for a company that the Agents do all the claim work themselves. This allows them accountability for what they sell, not just the commission it will generate. If you wish to know who I work for let me know. Keep in mind statistics show that you will not need a LIFETIME benefit, which most agents try to sell. You also need a policy that states it covers "Standby Human Assistance" and Hands On Assistance. A lot of them only cover if you need Hands On. (which means you can do nothing for your self, and may be on your death bed for it to ever pay). Keep in mind also that you do not want an elimination period over 30 days. Medicare and private insurance only cover about 14 - 20 days of skilled care which is the average stay at rehab. If you have a 90 day elimination, you will be responsible for the difference. If at a facility that would mean about $10K to 15K out of your pocket if you need to claim. Most people are better in that 90 days, or passed away. The insurance company never pays a dime if this happens,. They count on that! Hope this helps. Very important info to know before you buy. Some companies are also very hard in the underwriting department, because they are too new to Long Term Care to know how catastrophic the claims can be. Pick a company that has 20 -30 years of LONG TERM Care claim paying.

Answer 3

Genworth (formerly GE financial).

They are the largest. They've never raised rates on existing policy holders.

There are a few other good ones (MassMutual, Met., Hancock, etc.) but I'd look into Genworth first.

I am also growing fond of the life insurance policies that will allow you to spend your death benefit for long term care (if you need care then spend down your life insurance...if you never need care the policy is paid to your beneficiaries....either way the insurance company pays out something so it's not as if you're "wasting" money).

Answer 4

I sell mostly Genworth Financial and Metropolitan Life policies. They are both great companies with good products. Call your local MetLife office and set up a meeting to review the long term care plans. Do the same with Genworth. Don't bother looking online. Talk to an advisor. They can explain the policies much faster and you will be better off. The AARP policies are MetLife policies. You can get a better plan for less money by going directly through MetLife sometimes.

Answer 5

I think they are the best long term care insurance,
"http://www.tkqlhce.com/email-1961891-10425140"

Answer 6

Depends on how much you want to pay.

I choose blue cross, the price isn't too bad and what you get isn't too bad.

Answer 7

GENWORTH WAS GOOD UNTIL RECENT YEARS. THEY ARE NOW RAISING PREMIUMS ON OLD POLICY HOLDERS WHICH IS CREATING HARDSHIPS FOR ELDERLY FOLKS.I AM DISAPPOINTED IN THEIR METHOD OF OPERATION. .

Answer 8

A A R P

Answer 9

um....glens falls hospitle?...