One thing you'll want to compare is policy type. One option is to have an indemnity policy, which will pay a fixed daily sum for care, no matter what the actual daily costs amount too. This can mean paying some out-of-pocket costs, but the policies do a great deal to help with the expense of LTC. The other option allows you a set amount of benefits for the entirety of your policy. You can withdraw from this lump sum until it is gone. It's important to find out if there are limits to how much you can claim each day, week or month.
Another thing you'll want to compare with long term health care insurance are the elimination periods. This is a period where you will have to pay for all costs on your own, before your coverage kicks in. While a longer waiting period will mean lower premiums, it also puts you at high risk for paying a large sum out of your own savings when you enter a nursing home or start receiving other kinds of long-term skilled care.
The long term health care insurance industry has undergone some major changes, and even a major company like CNA left the market. There are still many companies you can choose from, including John Hancock, Genworth (formerly GE), MetLife, Hartford, AETNA, Aflac, American Family, Bankers Life and Northwestern Mutual Life. The market is still changing, so be sure to check and see which companies are currently offering policies in your area.
Since long term health care insurance is a relatively new product, it varies widely from insurer to insurer. This is not only in terms of price, but in coverage and policy terms as well. It's important to talk to different insurance brokers to compare a quote or a policy from one company to another. Taking the time and effort to find the right long term health care insurance now will be an investment you thank yourself for further down the road. To explore the options, get a free online long term care insurance quote from an impartial expert.
