I am 56 years old and I want to purchase Long Term Care Insurance. Any advice on the best company and rates?

Answer 1

To get the best rates and coverage, try contacting an insurance broker. A broker works with several companies and is in position to find the best policy for you. To find a broker, log on to a website like http://www.longtermcarewiz.com and fill out a form requesting a free quote. Your information will be sent to a broker in your area who will contact you. Good luck!

Answer 2

Well, you're going to have to shop this out carefully. Make sure the carrier is A rated.

The OTHER thing you need to know is, there isn't a standardized form. So you need to read sample forms VERY CAREFULLY to compare coverages. Most policies only pay for a few years, and most only pay a portion of the cost, and most have strict definitions of when the coverage kicks into gear.

In other words, it's not like health insurance, "we pay 100% of your costs as long as you're alive". There are a BUNCH of conditions, and if you're going to end up in a nursing home for 5 - 10 years, it's NOT going to pay that whole time, and you ARE going to be holding the bag in the end.

I'd suggest working through a local agent, who can get you 3-4 quotes, and more importantly, help you compare key issues and coverages.

Answer 3

That is a good age to start considering it. This site talks over some of the issues. http://www.longtermcarelink.net/a9insurance.htm
The problem is that very few people really need it because very few end up needing long term care. Also you need to look carefully at whether the rates are locked or whether they can float up if the insurance company's rate of return is not as high as they planned for. Also look at how much you get back (number of years) compared to costs in your state. It is an easy sell nowadays because they use scare tactics but it is rarely worth what you pay for it.