How to Buy Long Term Care insurance
How to Buy Long Term Care insurance
How to Buy Long Term Care insuranceThere are many options to choose from when buying long term care insurance. Here are some choices you can opt for depending on your medical needs.
Individual Policies
Nowadays, most long term care plans are sold as individual policies. However, these policies vary from one provider to the other. Plus, such policies offer different benefits and coverage options that's why, make sure to buy time studying various policies to easily figure out which one to purchase. See to it that your chosen provider is reliable as well so that the coverage will be worth of what you are paying for. If you'd like to be sure on which one to acquire, you may consider seeking guidance from a financial advisor prior the decision making.
Private Employer
Another way on how you can buy long term care insurance is through a private employer. Today, most private employers offer a group plan or individual plans at a group discount. If you are employed, ask your employer which type of plan he offers. As an active employee, you will not have to undergo medical screening to qualify for an employer group policy. Employers can also allow retirees, spouses and parents to apply, even if a medical examination may be required for dependents.
In general, insurers allow you to keep your coverage after your employment or your employer cancels the group plan. In most cases you will be able to continue your coverage or convert to long term care insurance. However, your premiums and change benefits.
Association Membership
Policies offered in an association membership are very similar to other types of long term care insurance which usually require underwriting. Such association policies normally allow members for a choice of benefit options. Policies sold through associations must allow members to keep or change their coverage after leaving the association.
Continuing Care Retirement Community
More commonly known as CCRC are retirement complexes, offering a wide range of services and levels of care. They may offer or require you to buy long term care insurance. However, an individual must be a resident or on the CCRC's waiting list and meet the company's medical requirements to buy its LTCi policy.
Federal Government
Federal and U.S. Postal Service employees and retirees and annuitants, members of the uniformed services and qualified relatives are eligible for insurance for long term care under the Federal Long Term Care Insurance Program. Under this setting, private companies underwrite the insurance and you pay the premiums. To get the most out of this type of setting, make time to compare group plans to individual plans to know which is better.
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