Long-term care insurance will cover the costs that are typically not covered by health insurance, medicare, and medicaid some examples include; assisted living, at home care, and nursing home expenses. Without coverage, these costs can inflict a huge dent in one’s finances while attempting to pay for care.
Like all insurance, LTC Insurance takes into account many personal factors when determining ones individual premiums. The factors considered include location, age, health, policy period, inflation, as well as other factors which can go into determining your premium. For this reason, it is best to receive quotes from multiple carriers and then compare coverages and details that offer the most benefit to you. Listed below are a couple of the highest rated carriers all with an A+ or above rating, each of these carrier offers the best in either affordability, coverage, or extended care.
Mutual of Omaha offers vast flexibility in their plans and allows policy holders to customize their plans. Their elimination period also allows policyholders to access their benefits quicker and faster. This company offers a wide array of options including a cash alternative payout which will pay up to 40% your policy’s monthly benefit.
Mass Mutual offers a six year benefit period which is longer compared to other insurers as well as a very strong financial strength rating. Mass Mutual also offers the possibility for in home care from anyone you would like and not just larger agencies.
There also exist various other companies which posses A+ or higher ratings such as Transamerica which is great for those in search of a modest policy with a competitive cash alternative. Another company to note is New York Life which has one of the strongest financial ratings and has also done away with elimination periods in one of its newer policies. All of these companies offer a variety of coverage and options. It is best to work with a trusted professional who can provide you provide you with insight into all of these carriers and help you make an informed decision.
If you or a loved one is interested in Long Term Care Insurance be sure to checkout: LTC TREE for more information.