Is it time to think about long term care insurance

Long Term Care InsuranceAmong all of the different kinds of insurance given priority among Americans, long term care (LTC) insurance rarely makes the top of the list, but that doesn’t mean that it isn’t something that can offer great benefit. It is important to understand LTC insurance before buying a policy or failing to do so.

While you speak with your insurance agent about your portfolio, it may be wise to consider LTC if it is something that he or she has recommended. All too many families have found themselves facing severe financial hardships when they suddenly need to provide care for an elderly loved one.

The first struggle in making this decision is usually identifying whether or not it is actually worthwhile. Once you’ve decided that it’s for you, there are a few questions to ask yourself in order to make the right choice for your coverage. They include the following:

• What kind of LTC insurance policy is right for you? To answer this question, begin by educating yourself about what long term care insurance is, and what types of coverage are available. Talk with your insurance agent and don’t hesitate to ask questions to receive answers and quotes.

• Which insurer should provide your LTC coverage? Once you know the type of coverage you need, you can begin investigating the right insurance companies alone or with your independent agent. This shouldn’t be based solely upon the best premiums you can find. You should also look into the length of time the company has been in business, its financial strength, and its overall reputation. Don’t forget to look into the way that your credit score will be applied to setting your rate.

• Do you understand your policy? Once you have a policy with an insurer, know what it is you’re getting. Make sure that you’re aware what is included in your coverage, and keep up to date in the latest changes in your plan, asking questions when you aren’t certain.

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