Long Term Care Insurance – Tips To You Get The Best Policy

As you investigate the possibility of getting a long term care insurance policy you will come across a lot of information. It is also likely that you will get some conflicting information. This is the nature of financial services information no matter what type of insurance, mortgage, or other financial plan you are looking into. The key is to keep going until you are satisfied with the information that you have gotten. Below is a list of tips or suggestions of areas where you should be aware to make sure you get the best long term care policy for you.

Learn About Long Term Care Before You Start – There is a considerable amount of information online regarding long term care insurance. It is possible to learn a great deal on your own before you get in touch with an insurance agent or company. Learning first will give you an idea of terms and questions to ask when you start talking to someone.

Do Your Due Diligence – This relates to the company or the agent that you are working with. If you have concerns or questions about the legitimacy of an agent or a company or even just a question about some aspect of a policy proposal, feel free to call your state’s insurance commissioner. It is their job to protect you as a consumer against insurance fraud and other scams.

Shop Around – No surprise here. Buying long term care insurance is a very important step in protecting your future and ensuring that you have adequate resources to take care of your needs in the future. As such, do contact several agents and get policy quotes from at least 3 agents or companies. Make sure to tell each agent/company the same information or else you won’t really get good information that you can compare. Be on the lookout for policy benefits, facility types covered by each policy, coverage limits, elimination periods and other policy options.

Don’t Be Rushed – You should not make this decision too hasty. Picking a policy is serious, so don’t sign up with the first agent to get it over with. The other thing you don’t want to do is take the first policy option without looking into every aspect of the policy that is presented to you. Although the agent is there to get you coverage, they are also there to make money – make sure that you are satisfied with their answers. Again, make sure that you check out at least 3 different policies/agents/companies.

Tell The Complete Truth On Your Application – Very important this step. The last thing you want is to have your claim refused and your policy terminated because of false information. Make sure that you read over any application that is filled out by an agent on your behalf – even if you are sitting in the same room as you and they are doing the writing. Tell the truth, it will only benefit you in the long run.

Only Buy One Policy – You only need one. If you are going to switch to another policy when you already have one, make sure to get accepted by the new long term care company first before you terminate your current policy.

Pay By Check, Money Order, Or Credit Card – Never pay cash for a policy. Cash is not traceable and if for some reason there is a problem with the agent who accepted your money or with your mail getting lost, you have no recourse for getting the money back. With a check, money order, or credit card you can provide some sort of written trail for your money.

Don’t Let TV Advertising Sell You – This rule applies to any type of advertising. If it looks "official" then it probably isn’t. A lot of long term care advertising tries to sell itself off as "official" or tied to the government in some fashion. Some even mention being associated with Medicare on some level. If you have a question about something you see or read or receive, pick up the phone and call your state’s insurance commissioner’s office.

Make Sure You Get Your Paperwork – It should take a short period of time to get your paperwork from your insurance carrier. Give it 60 days and at the longest 90. After that call the agent and the company and start asking questions. At the time of your application make sure to confirm the contact information for your newly picked insurance agent and insurance company. You may need this information.

Make Sure That You Review Your Paperwork During the Free-Look Period – Most if not all states have some sort of time frame that you are allowed to cancel a new long term care insurance policy. To be sure of this time frame, check with your state’s insurance department or commissioner’s office, ask your agent, or ask the company how long it is that you have to cancel the policy if you should decide to do so. The time frame in most states is 30 days.

Read the Policy In Full To Make Sure You Got What You Signed Up For and Understand It – You will want to review in detail the policy paperwork you receive from the company after you purchase a long term care policy. If the policy paperwork isn’t what you wanted contact your agent and company as soon as possible. Remember, you have a time period to cancel the policy if you don’t get what you wanted, or get sufficient answers.

Do Not Be Afraid To Reject The Policy If The Paperwork Is Wrong – If you do request to cancel the policy make sure to: send the request including all of the policy paperwork (after you have made copies) and a written letter of explanation back to the company via certified mail with a receipt signature required. You should also keep the original envelope that the policy was mailed in (proves dates) or ask the agent/company for a signed receipt dating the day you were given your policy paperwork if you got it delivered by hand.

Article Written By Grandma Suzie. Grandma Suzi has spent her life saving money so that she always had enough to go around. She writes about topics that interest senior citizens. Visit Grandma Suzie’s Blog