Long-term care insurance is hailed to be a great medical health insurance covering many other facets of insurance, which traditional medicare, medicaid and general health insurance don't cover. Generally, people who're advised to go for long-term care insurance are not those who're completely diseased or unwell but it is advised to people who are in need of treatment for a long time, as they're unable to perform basic activities in life.
In long-term care, or LTC, age is not a factor, as 60% of people aged above 65 years, have been predicted to require some type of LTC service in their lifetime. LTC in essence, covers home care, assisted living, adult day care and similar facilities. So, it is not a disability insurance or any other type of special health insurance. Knowing the long-term care insurance reviews is important to get closer to various facets of this critical insurance policy. Long-term care insurance costs are high and they also vary depending on company age, location and type of policy taken.
There are many vital points that make long-term care insurance a must have insurance policy, as suggested by various reviews. The main benefits of long-term care insurance are:
- Medicaid and Medicare policies are certainly a great option for people and aging population but with increasing medical care costs, it is highly unlikely that family or individual savings won't be used. So those people who don't wish to be a burden on family members, for them, long-term insurance will play a great role in managing out of the pocket expenses.
- One is entitled for tax deductions for the premiums paid in long-term care insurance schemes. The tax deductions depend on several factors and it can be inquired from the insurer.
- Some business firms that offer long-term care insurance facilities to their employees are also exempted from taxes under some restrictions.
Some demerits of this health insurance scheme are as follows:
- It may happen that you may never need long-term insurance. Insurance is just about managing risks and in case nothing happens to you, you won't need it. So you may never get anything back for what you had paid.
- It is necessary to pay premiums consistently and good plans come with good insurance premiums. If you think you won't be able to manage insurance premiums, don't commit to it.
- Policies of long-term care insurance are complex and very tedious to understand. This has been highlighted by various long-term care insurance reviews on the Internet. Hence, if you're not aware of the basics, you may end up choosing a less profitable policy.
- Some policies in LTC insurance are not applicable for people with certain health conditions or those who have passed some age limit. This is a serious disadvantage.
- There has been a lot of hue and cry by consumer advocates about the complexity of LTC insurance schemes. For the average person, it seems more of a mystery.
Popular Insurance Companies
The American Association for Long-Term Care Insurance's Consumer Information Center rates companies as per various rules and regulations and it is always good to visit their website and consider their data. Also, people must keep themselves updated with newly instituted laws by the National Association of Insurance Commissioners (NAIC) so that as insurance customers, they're not cheated.
Majority of the states have accepted new rules of NAIC. I'm providing my readers with a list of company names that are long-term care insurance firms. This is not a list that is promoting the companies but readers must check the rating of these companies and only then they should opt for their insurance schemes. This list is just for information purpose. The decision to choose a particular company and its policies is completely yours.
- Transamerica Financial Life Insurance Company
- State Farm Mutual Insurance Company
- The Prudential Insurance Company of America
- Northwestern Long-term Care Insurance Company
- New York Life Insurance Company
- Mutual of Omaha Insurance Company
- Metropolitan Life Insurance Company
- Massachusetts Mutual Life Insurance Company
- Bankers Conseco Life Insurance Company
- Allianz Life Insurance Company of North America
- Berkshire Life Insurance Company of America
As we have seen, there are numerous factors that must be considered while choosing a long-term care insurance policy and hence it is advisable to research about various long-term care insurance quotes properly. For updated information and to know all rules and regulations, one must visit the American Health Care Association website. Visiting that website will clear most of your queries. You can also post your queries on their official website to get authentic information. Moreover, you can also get information collected from many long-term care insurance reviews to zero in on any decision.