Learn These Important Things You Should Know About Long-Term Care Insurance
Where can I find long-term care insurance?
Individual policies can be purchased from a private insurance company or agent, or group policies can be purchased through an employment or association membership. The federal government and numerous state governments provide long-term care insurance to their employees, retirees, and families. A life insurance policy can also provide long-term care benefits.
- Check with a few different companies and agents. Before purchasing a long-term care policy, speak with various firms and brokers. Compare the benefits, types of facilities covered, coverage restrictions, what is not covered, and the premium. Insurance policies from different businesses frequently offer the same coverage and perks but may not cost the same. Inquire about the companies’ rate increase history and whether they have raised the rates on long-term care insurance policies.
- Don’t let advertising fool you. The majority of celebrity endorsers are hired actors, not insurance experts. It’s also worth noting that Medicare doesn’t recommend or sell long-term care insurance coverage, so be skeptical of any advertising that implies Medicare is involved. Do not put your reliance on mail-ordered cards that appear to be authentic government documentation.
- Check the reputation of the insurance company. Call the D.C. Department of Insurance, Securities, and Banking at (202) 727-8000 or go to disb.dc.gov to find out if an insurance firm is licensed. After ensuring they are licensed, investigate the company’s financial viability by looking at their ratings. Most public libraries offer free ratings from some insurer rating systems.
- Examine Your Contract Thoroughly. Your firm should send you a policy when you obtain long-term care insurance. You should read the policy and make sure you understand what it says. Contact your insurance agent if you have any questions about your coverage. If you have any further questions, please contact DISB or the Aging & Disability Resource Center of the D.C. Office on Aging at dcoa.dc.gov or (202) 724-5622.
