long term care insurance tips

When you begin to research Long Term Care Insurance, use these 10 Long Term Care Insurance tips to help you make an informed decision about whether the insurance is right for you.  These Long Term Care Insurance tips will be helpful for those who are just beginning to learn what exactly the insurance is and what it covers.

Long Term Care Insurance Tips

  1. Take your time and shop multiple companies for Long Term Care coverage. Those who do not want to rely on their kids to support them in the future should definitely look into Long Term Care Insurance today.
  2. Long Term Care Insurance is not for everyone.  If you have poor health or liquid assets below $50k, this is probably not for you.
  3. Buy a “blue chip” company’s plan. At LTC Tree we work with just the “A” or better-rated companies and we will send you a current financial rating strength sheet with your quotes.
  4. “Do not buy from your investment guy!” 99% of “financial advisors” can sell Long Term Care Insurance but 98% of them have no clue what they are doing.  Just as they can give you better advice on buying a mutual fund we will give you excellent advice on buying this insurance.
  5. Make sure you understand what a Long Term Care Insurance policy covers and, just as importantly, what it does not cover.  Ask lots of questions.  Also, find out whether or not the Long Term Care agent is licensed to sell insurance in your state.
  6. Find out whether you qualify for a Long Term Care Insurance policy.  The fact is, the younger you are when you buy Long Term Care Insurance, the lower your premiums will be.
  7. Do not rely on Medicare or Medicaid to cover your Long Term Care needs. Before Medicaid (welfare) pays for anything, you’ve got to be practically broke.  Worse, the choice of care facilities can be very limited.
  8. Tax breaks are available for qualified Long Term Care Insurance policy premiums.  The benefit payments received under such policies are tax-free and you may be able to deduct the premiums off your taxes depending on how you file.  To find out more about this, read What Makes Tax Qualified Long Term Care Insurance?
  9. Be wary of local insurance agents with pushy sales tactics trying to come sell to you at your home.  When you buy from online services like ours, you get quotes and analysis without the pressure. Our quotes are mailed to you and you can take as much time as you need to review with absolutely no pressure.
  10. Be skeptical about advertising suggesting that Medicare is associated with a Long Term Care policy.  Medicare does not endorse or sell Long Term Care Insurance.

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At LTCTree, we are happy to help you understand any and all of these 10 Long Term Care Insurance tips. Let us guide you through the process of learning more about Long Term Care Insurance.