Financial Information: Understanding Long Term Care Insurance

Many Americans do not plan ahead financially for their long term care needs. Others wrongly assume that Medicare, Medicare supplemental policies or standard health insurance policies will cover the costs of long term care services provided in settings such as nursing facilities or assisted living residences. Consequently, many Americans are needlessly impoverished each year by the costs of long term care.

Long term care insurance is an excellent way to protect yourself from these expenses, and this brochure will help you through the important process of understanding and comparing long term care insurance policies. Finding a good policy will take some effort, but the effort will be worthwhile. To help you start, here are some steps to take when considering the purchase of long term care insurance:

• Talk to your financial planner or insurance agent about the advantages of long term care insurance in your particular situation.
• Investigate sources on your own at various websites.
• Call your state government's Office on Aging or Insurance Department for information.

After you narrow your search to a few companies or insurance agents, consider the following:

• Check with insurance rating services to make sure the insurance company you are considering is financially secure.
• Make sure the insurance agent is licensed to sell long term care insurance in your state.
• Review all the details and options of the policies. Do not rely solely on the marketing materials or outline of coverage.
• Make sure you understand all the provisions before you purchase any policy.
• Discuss policies with family members and others whose opinions you respect.
• Don’t be pressured into making quick decisions.

Selecting the right long term care insurance policy will offer you and your family financial security, peace of mind and choice in care settings for the future.

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