Los Angeles, CA, July 15, 2012 --(PR.com
)-- You may understand the risk of needing long term care at some point in your life but few individuals know how to shop for long term care insurance protection according to a talk given this week by a leading industry expert.
“While much has been written about the risk and cost involved should you need long term care, the vast majority of consumers have no idea what questions to ask when they start investigating their planning options,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The head of the national trade organization addressed consumers providing tips on shopping for LTC insurance protection.
“You are only going to buy long term care insurance one time in your life and so you had better do it correctly,” Slome stated. Few consumers understand four essential elements to getting the best coverage for the best cost.
“Know that costs for virtually identical coverage can vary by as much as 100 percent,” Slome reports. Each insurer he notes sets their own rates and each offers different discounts that can greatly reduce the cost. Be sure to ask what discounts are available to you.
“If you have health conditions or take a few prescription medications, you need to shop your health,” Slome advises. Conditions that could be rejected or cost more with one insurer may be acceptable to another. “Before you even ask how much coverage costs, ask if you can health qualify,” he suggests.
With fall open enrollments just around the corner, the expert explained that coverage offered through an employer group may not always be the cheapest option. “Some group plans do not offer discounts to married couples or to those in better health,” he adds. “It really never hurts to work with an independent part and ask for a free comparison.”
Finally, ask the insurance professional you are working with whether they have access to policies from only one insurer or can offer you multiple options from the four or five leading insurers. “Ask how many policies they sell a year, too,” Slome concluded. “The price is important – but understanding the small print will be even more important come claim time and typically working with a knowledgeable specialist will be to your advantage.”
For additional information or to find a long-term care insurance professional call the Association at (818) 597-3227 or visit their website to access free online consumer information guides.