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What Else Should I Know
About Long-Term Care Insurance?
1. Can I change my mind if I buy a policy?
2. Can my premiums be raised?
3. How can I evaluate a long-term care insurance company?
4. How can I obtain detailed information on long-term care insurance?
1. Can I change my mind if I buy a policy?
Generally, you will have 30 days from delivery
date to review the policy and return it and get
your money back if you find that it does not meet
your needs. This period of time is called the “free
look period.”
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2. Can my premiums be raised?
Most long-term care insurance plans are guaranteed
renewable. This means that premiums
cannot be raised solely in response to the number
of claims an individual has filed, nor can they be
raised solely because of age or change in health.
Companies whose policies are Guaranteed
Renewable may increase premiums on policies on
a class-wide basis, usually only with state approval.
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3. How can I evaluate a long-term care
insurance company?
Look for a company that achieves consistently
high ratings from the leading insurance company
rating agencies, such as Standard and Poor’s
(www.standardandpoors.com), Moody’s
(www.moodys.com), or A.M. Best
(www.ambest.com). These ratings represent the
overall financial stability of the insurance company.
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"It is important to base your purchase on
the company’s reputation and benefit
offerings. Premiums that are less expensive
but don’t offer the coverage that is
best for you won’t always save you
money in the long run. Monthly
premiums that start out much lower
than others may not always stay low."
4. How can I obtain detailed information
on long-term care insurance?
You can obtain more detailed information on
long-term care insurance in several ways —
through an association, your employer, an insurance
agent, or via the Internet. You may also contact
your state’s Department of Insurance or local
Area Agency on Aging. As with any major purchase,
being an informed consumer is the best
way to make a decision.
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One of the companies that we represent for long-term care is MetLife.
The MetLife Mature Market Institute is MetLife's
information and policy resource center on issues
related to aging, retirement, long-term care and the
mature market. The Institute, staffed by gerontologists,
provides research training and education, consultation
and information to support Metropolitan
Life Insurance Company, its corporate customers and
business partners. MetLife, a subsidiary of MetLife,
Inc. (NYSE: MET), is a leading provider of insurance
and other financial services to individuals and institutional
customers.
MetLife Mature Market Institute
57 Greens Farms Road
Westport, CT 06880
www.MatureMarketInstitute.com
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Get a Long-Term Care Insurance Quote
For additional information see the links below:
Long-Term Care Insurance-Home Page
General Information
1. What is long-term care?
2. Where can I receive long-term care services?
3. What are Activities of Daily Living (ADLs)?
What is the Cost of Long-Term Care Services?
Paying for Long-Term Care Services
1. How are long-term care services paid?
a. Self-Insure
b. Medicaid
c. Medicare
d. Long-Term Care Insurance
Is Long-Term Care Insurance Appropriate for You or a Family Member?
1. Who could benefit from purchasing long-term care insurance?
2. What is the right age to purchase long-term care insurance?
3. Is there anyone who should not purchase long-term care insurance?
What Are the Costs of Long-Term Care Policies Based On?
How to Select a Policy?
1. What decisions do I need to make?
2. How can I protect myself against the rising cost of care?
3. How much coverage is right for me?
What About Different types of Policies and Coverage?
1. What is the difference between “reimbursement,”
“indemnity,” and “disability” type policies?
2. What is a "Tax Qualified" policy?
3. What are "Partnership Programs"?
How Long Can I Expect to Need Coverage?
What About Benefits?
1. How do I become eligible to
receive benefits?
2. Who determines when I am eligible
for benefits?
3. What happens to my benefits if I stop
paying my premium?
4. What is a “return of premium on death”
benefit?
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Get a Long-Term Care Insurance Quote
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Like other insurance coverage, long-term care insurance
policies contain certain exclusions, limitations, reductions
of benefits and terms for keeping them in force. For
complete details, contact an insurance company offering
long-term care insurance.
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Authorized agents for MetLife, Safeco, Hartford, Mercury, Progressive, AIG, Travelers, Unitrin, Foremost, Dairyland and more.
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