Difficult Long Term Care Insurance Choices

Seekers of long term care insurance need to make three key decisions: (1) whether the insurance is right for them in the first place, (2) what company they should buy it from, and (3) what specific policy best fits their needs. “When most people make these decisions, they go about it all wrong,” says Susan Lenihan of LTC Financial Partners, the nation’s most experienced long term care insurance brokerage.

“People go online or respond to something in the mail or on TV,” Lenihan says. “This generally puts them in the hands of a specific insurance company or an association offering policies from a single carrier.” What’s wrong with that? “You lose objectivity and choice,” Lenihan explains.

“An objective specialist is necessary to steer you right,” she asserts. The specialist helps answer these questions:

1. Do I need it? “Some people are wealthy enough to self-insure. Others really can’t afford the premiums; they’re better off with public assistance. A specialist helps you do the math.”

2. What company should I get it from? “You don’t want to end up with the wrong carrier – one with poor customer service or a history of big rate increases. A specialist knows which carriers are really sound.”

3. What specific policy and features are best for my situation? “There are scads of policies and options. You don’t want to pay for features you don’t need, or miss out on benefits you want. A specialist knows all the details.”

How can you locate an independent specialist?

Lenihan’s organization has put together a network of more than 400 state-certified field underwriters. “It’s America’s largest collection of experts specializing in long term care insurance and that only. They really know the field, and they’re beholden to no single carrier,” she says. "Aided by years of experience and computer analysis, they help people narrow down to the best, most reliable carrier for their state and situation, and the best policy at lowest cost."