Knowing where and how to compare long term care health insurance companies doesn’t have to be difficult. It can be time consuming, but it’s worth finding the right company to work with rather than finding one that works against you.
To research health insurance rates for long term health insurance you can enter your ZIP code into the FREE quote tool and start comparing the different companies in your area!
Those who buy long term health insurance are usually around the age of 65 according to a legal encyclopedia website called Nolo. The average age is 65 because most cannot determine what their health or financial outlook will be until that age. Long term health insurance is still reasonably priced at that age whereas if they were to buy it at 80 years of age it would be not as affordable.
Why do people need long term health insurance?
Long term health insurance is also known as nursing home insurance. Long term health insurance is advertised as a protection against the expanding costs of care that is long term. An example of this care is the need and use of nursing homes and facilities.
However, only a small percentage of those 65 years of age and older actually buy long term health insurance. It really depends on the individual’s financial situation. Some people feel as though it’s a financial investment and make room in their budget to afford it.
Who should get long term health insurance?
Long term health care insurance agencies and insurance are for people who want a safety net in case they need to go to nursing home or assisted living facilities later on in life. Those who have assets worth 300,000 to 500,000 dollars would be smart to purchase long term health insurance. This can ensure that those individuals will have a safety net for living expenses in a nursing facility if they need it.
Those who have reached a higher age, such as 80, who expect to have assets of over 500,000 dollars which does not include their home or house should consider long term health care insurance as an investment. It’s important to make sure you can afford the monthly premiums that go along with long term health care insurance.
Financial experts believe that a monthly premium on long term health insurance should not take up more than five percent of your monthly income. It’s also important to keep in mind that premiums will raise every year as your income will most likely fall.
How can I find a long term health insurance plan?
It’s important to shop around for the best long term health care insurance plan. Not all plans are created equal. Make sure to read the fine print for every plan that you consider; you can always ask for the help of a financial advisor as well.
You can utilize the internet to find health insurance quotes in your area. Most health insurance companies have their own websites as well so you can go right to the source for information. If you’re still not finding the answers you need, see if the health insurance company has a contact phone number for you to call with questions.
After you’ve narrowed down your list of potential long term health insurance companies you need to research their financial stability and outlook. You can do this by using A.M. Best’s website. A.M. Best considers several factors when ranking health insurance companies and gives them a range of ratings from F to A++.
Another great resource is the Better Business Bureau. This rating company reports on consumer complaints and how the individual companies field those complaints. It’s beneficial to see what customers have complained about, and how the health insurance companies work to resolve these issues.
Once you’ve checked out the ratings make sure to choose popular health insurance companies with the best overall ratings before proceeding. You can further research the companies on the internet and look specifically for customer complaints.
Once you’ve researched and narrowed down the list, you should call a broker or insurance agent for a consultation. Have a list of questions for them and make sure to get all those questions answered. Be prepared for some sales pitches, and make sure you understand all the fine print before signing with a company.
Finding the right long term health insurance company can be a great investment and safety net for those who are interested. To research some of these great long term health insurance companies type your ZIP into the FREE search tool for the most up to date health insurance quotes in the business!