Los Angeles, CA, October 10, 2014 --(PR.com
)-- Consumers who overpay for long term care insurance lack the knowledge of how to get the best coverage for the least cost declares the director of the American Association for Long-Term Care Insurance, an industry trade group.
"My mailbox is stuffed with sale ads from competing supermarkets and I know how to compare prices online, but finding the best cost for insurance is entirely another matter," explains Jesse Slome, AALTCI director. Slome was addressing consumers on ways to navigate the confusing world of shopping for long-term care insurance.
"You can pay $100 a month or easily pay $200 a month for pretty much the same coverage," Slome admitted. "If that's okay with you, it'll certainly be okay with your insurance agent whose commission is based on what you actually pay. But I'll bet you'd rather have the cash in your own account than in someone else's"
Unlike many consumer items where prices are negotiable, insurance premiums are filed and approved by each State Department of Insurance. "One agent can't get you a better price on the same policy," Slome notes. "But, there are significant differences between the various insurers. The discounts and the available plan options vary and that's the single most important point consumers are not aware of."
Slome noted that November marked Long-Term Care Awareness Month, a time when many agents will urge their clients to initiate planning for the eventual risk of needing extended care.
Calling or requesting information directly from an insurance company website is not an effective strategy. "Insurance companies do not directly sell this insurance," Slome advised the group. "They merely forward your name to an agent who does sell their policy. When you walk into a Ford car dealer, don't expect the salesman to extoll the virtues of a Toyota."
Instead, Slome advised consumers to connect with a long-term care insurance specialist who has several years of experience and can discuss policies from the leading insurers. "The differences between policies are significant," he added. "It's much more than just cost, it's the small print in the policy that will really matter when it's time to make a claim."
To connect with a long-term care insurance specialist who can compare and provide long-term care insurance cost comparisons, call the Association's offices at 818-597-3227 or visit their website www.aaltci.org.
Headquartered in Los Angeles, the American Association for Long-Term Care Insurance was established in 1998 to create heightened awareness for the importance of long term care solutions.