How do I find the best long-term care insurance to fit my needs? Looking to get the best long-term care insurance company to handle all the financial dealing can seem like a daunting process. However, it is not as difficult as it seems. In this article, we will be discussing the top and best Long-term care Insurance to purchase a quote from. Read through this article till the end.
What is Long-Term Insurance?
Long-term care insurance is an insurance aid that provides financial coverage for facility care or home healthcare that caters to your needs. You are most likely in need of long-term care insurance if you are aged 65 and older. However, it is a wise decision to get one before you actually clock that age.
This is because this policy provides coverage such as eating, dressing, using the bathroom, and getting in and out of bed to people who cannot perform their daily duties. You can check out the next outline for some of the best companies to get a quote from.
5 Best Long-Term Care Insurance
Before you can get you can select a policy that will fit in perfectly with your financial choice and purchase long-term coverage. You will have to first find and select the best long-term care insurance that best suits you. We’ve compiled the best companies to choose from, check out the list below;
Nationwide
This is a worldwide long-term care insurance provider in the United States and it has its reasons for also ranking as one of the best long-term insurers. Nationwide is also known to sell a hybrid policy that includes Life insurance as well as an LTC benefit called the CareMatters.
Nationwide also has a lot of unique benefits that suit the needs of their users making them reliable and the users comfortable. Their benefits include: quotes are available online, offering universal.
Also, variable universal life insurance policies along with the LTC rider, permit informal caregivers. Finally, having inflation protection available on their CareMatters policies and so much more.
New York Life
New York is for the financial stability that it provides to all its users both locally and internationally. What’s more, this insurance company offers two types of long-term, care insurance namely: The Combination long term care and life insurance policies and Traditional Stand-alone policies.
The New York Life insurance provider has daily maximum benefits ranging from $50-$400 a day along with waiting periods ranging between 90 and 180 days. As an interested user, you can easily select a benefit period of two, three, five, or even years.
Their benefits include: having their policies cover about 100% of the care costs, and offering a refund guarantee for the hybrid policies if the insured doesn’t end up using the policy. Also having their premiums guaranteed not to increase on the Hybrid policies, etc.
Mutual of Omaha
The Mutual of Omaha is also ranked as part of the long-term care insurance providers who grant their user’s customer satisfaction. This insurance company is known to offer three different types of discounts. Including 15% for partners who buy the same policy.
And 15% of the individual in good health, and 5% for all married customers. Furthermore, the Mutual of Omaha offers long-term care insurance coverage that exists only as a stand-alone product. And their policy options include the MutualCare Custom Solution and the MutualCare Secure solution.
Their benefits include: Their policy includes a care coordinator, offering a discount of 15% to individuals who have good health, offering a 15% discount to partners who buy the same policy, etc.
GoldenCare insurance
The GoldenCare insurance company is well known for matching clients with a long-term care specialists that will assist them in working on their care plan and guiding them toward the best plans that best suit their needs.
Their benefits include: Specializing in life and long-term care hybrid policies, critical care, life insurance, and annuities. Also, aiding the insured to get the best financial plan and insurance coverage that best suits their needs, etc.
Northwestern Mutual
This insurance company has made a name for itself in the financial world due to its low customer complaint. And providing the best insurance strength to all its users. Northwestern Mutual has a long-term care policy that allows you to select a maximum benefit that runs per month and ranges from $1,500 to $12,000.
Another thing that this insurance company does Is that it also allows you to choose from four different elimination periods. Such as Six, twelve, Twenty-five, or Fifty-two weeks. Its benefits include: users are eligible for dividends.
Also, their Premium Payment option clocks premium when you as the user meet the need for care and this is possible even if you are not receiving benefits yet. Lastly, their maximum monthly limit of 20% is used for caregiver education and training, etc.
How Do I Compare Long term Care Insurance Providers?
It is a really smart thing for you to compare different long-term care insurance providers before making a purchase. However, you might not know how to get these done by yourself so this article will help you. If you want to compare long-term care insurance providers, all you have to do is:
Review the Coverage
You should read through their coverage to know what they are offering and see if it can be customized. Also, you need to do more research on their policies so you can adequately compare them, to other insurance companies’ policies.
Discounts
Also, you can research their discount offers that are available for stuff like bundling. Moreover, you can also ask for more discounts o you can save more money.
Pricing
You need to ask yourself questions like: Is there a refund policy? How much is the deductible? What will I pay for the premiums? In conclusion, you should know the company’s costs and what you will be getting for those costs.
Exclusions
If you want to learn more, you need to know what the company’s policy excludes. This is so you don’t have so much loss. You would want to know what the company is excluding so you will not sign up for a policy where the coverage you want is excluded.
These are just some of the things that you need to know and also need to research before you make a final decision that will greatly impact your life in the future.
READ MORE: Long-Term Care Insurance -What it is and How it Works