A recent article on “The Street” website is about not paying too much for your long term care insurance (LTCi). There are significant differences in pricing between companies.
This is the year that many LTCi companies are changing pricing to be gender specific. The majority of people in nursing facilities are what gender? You guessed it, 80% are female. So who do you think will pay up to 55% more than the other gender? Right again, females.
Fortunately, not every LTCi company has changed to the gender specific rates, so seeking out one that has not taken this price increase can save you hundreds a year, perhaps more. Different insurance companies also have very different ways to assess health risks. What might be preferred health with one, might be standard or sub-standard with another. Thus you can save considerable money by choosing the right LTCi company for your coverage.
It is best to deal with an insurance agent who not only has access to several competitors, but also one who is aware of how LTC is utilized, what the costs are, and can help you determine how much of the bill you can pay.
There is usually no need to purchase coverage for the entire cost of care. Lifestyle changes drastically when someone needs LTC services. They may no longer need the boat, extra car, camper, motorcycle, and the travel budget may shrink considerably. The savings realized by taking these lower expenses into consideration means a smaller policy may be sufficient.
This is why the industry is leaning toward specialists who do nothing but help finance LTC. These specialists know how the services are utilized, what they cost, and can help you determine how much or little insurance you may need to make up the shortfall. Because they have access to many different insurance companies (and in my case, numerous additional strategies) you will end up with the best solution to paying for long term care. I am one of the specialists in LTC financing, with access to several LTCi companies. I even have strategies to help those already in care and spending down. Until the money is completely gone, I can still help. Call me (before your health changes) Romeo Raabe at (920) 884-3030 or (800) 219-9203 or email me at rraabe@TheLongTermCareGuy.com