Best Long Term Care Insurance Reviews

Cliff Marshall

By: Cliff Marshall, CLTC

2020 Policy Reviews and Ratings of Long Term Care Insurance Policies.

Every day we have clients ask us which is the best long term care insurance policy on the market?

The truth is, no one policy fits all. Every client’s goals, financial situation, & health is different. It’s essential to have an experienced long term care advisor navigate the market for you. That is where we come in, because we are licensed with all the major carriers, we are able to look at every carrier and policy that best suits your needs. Carriers compensate us for our service with Zero cost to you.

In 1996, HIPAA legislation standardized all long term care insurance policies. So contracts, regardless of carrier, have the same triggers to qualify for benefits.

  1. If the insured is unable to perform 2 of the 6 of activities of daily living.
  2. You experience a severe cognitive impairment, like Alzeimers or dementia, which require verbal cueing to not to be a threat to your or others safety.

If you qualify for these, the policy owner/insured will receive the full benefits of the contract. In addition to this, if you are approved, all pre-existing conditions are covered and do not require prior hospitalization. Almost all policies on the market today are comprehensive, meaning they provide care in most settings such as assisted living, adult day care, traditional nursing homes, skilled nursing facilities and more important, home health care.

Finding the best long term care insurance policy or plan for you is going to depend on a few factors since most policies have the same benefits.

Here are a  few distinguishing steps that we go through in finding the best long term care policy for our clients.

  1. First we always watch and evaluate the Financial Ratings of any Company we represent, by using the industry standards such as AM Best, Standard & Poors, Moody and Fitch.
  2. Amount of coverage that you might need and how long you want the benefits to last. Determine if you and/or your spouse might have a family member that could be a caretaker.
  1. Premiums. When looking at the different options we have to consider how the plan will be paid for. Will it be from current earnings, current savings or other assets like a pension plan or IRA. We want to find a policy that offers the best value and the most competitive price. Some companies offer better options with a single premium and others can be strategically structured over 5-20 years or even lifetime payment period.
  1. Policy structure. When deciding the best long term care insurance policy for you, we want to make sure you have a complete understanding of the different types of long term care policies available and how they work best for your situation.

-Traditional Long Term Care Policy: Which is a  “pay as you go”, just keep paying premiums and if ever needed the benefits are there. These plans are subject to rate increases.

Asset Based Long Term Care

Asset Based Long term care policies are either a universal or whole life chassis that is designed with Long Term Care benefits as the focus.

  1. Underwriting Guidelines. Based on your past health history some carriers may offer a better “rating class” for your plan. This can be the difference between saving thousands of dollars over the course of the policy. As we go through your health history and get some basic information we are able to pinpoint which long term care insurance policy is best for you.

Taking all these into account allows us to find the best long term care policy to suit your needs.

What’s great is that there are a lot of different options available today.

Here are some of my other product reviews Securian SecureCare, Lincoln MoneyGuard III, NationWide CareMatters II, Brighthouse SmartCare, MassMutual CareChoice One, One America Asset Care, Mutual of Omaha, American General Quality of Life.

Feel Free to Contact Us with Any Questions or Requests for a Personalized Proposal.