Long Term Care Insurance Shopping Tips

• Buy a long term care policy long before you expect to need benefits. The older you are when you buy a long term care policy, the higher your premium will be. Medical conditions can also arise as you get older and will also increase your premiums.
  
  
• Compare many policies. Policies and services differ between long term care insurance companies. Compare the different coverages and costs.
  
  
• Make sure the agent or company selling you the long term care insurance is licensed in your state. Usually you can check with your state’s Insurance Department. Do not become a victim of insurance fraud.
  
  
• Check the long term care insurance company's ratings and financial stability. Go online at an insurance rating company for fast and easy service. Each state's department of insurance may also keep records of complaint ratios.
  
  
• Check and understand the long term care insurance benefits and exclusions before you buy a policy. Ask questions if you need clarification or have an advisor view the policy.
  
  
• Never pay with cash. Pay by check or money order. Make checks payable to the long term care insurance company and not the agent.
  
  
• Take your time. Don’t feel pressured to buy a policy.
  
  
• Review your policy within the free-look period. Most states have a certain period of time in which you can change your mind. You can cancel the policy and request a refund within this period. Check with your state insurance department to find out how long the free-look period is in your state.
  
  
• Never sign a blank application. Answer all questions truthfully. Long term care insurance companies can deny a claim or cancel a policy if the application is incomplete or inaccurate.
  
  
• If you are changing long term care policies, receive and review the new policy before canceling the current policy.