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Choosing the Right Long Term Care Insurance Company

Choosing the right insurance carrier is one of the most important decisions to make. The decision should not be on the cost of the policy alone. Consider if your insurer will pay when you need care and if they will still be in business when the need for your long term care arises. Also consider if the long term care insurance company had rate increases in the past or if the long term care insurance rates have been stable.

Company Financial Strength and Size

The average age that most people will need long term care insurance is 78. If you purchase long term care insurance when you are 55, you may not need to make claims for another 23 years. You will want to pick a long term care company that is financially strong enough and large enough to be around for 23 years from now. Consumers can check long term care insurance company rating and financial size online including:
A.M. Best's Insurance Reports;
Standard and Poor's; and
Moody's.

Rate Stability

Long term care insurance companies cannot increase your individual premium for changes in your age or health. However, companies can file a rate increase for a class of policyholders or all policy holders on a specific contract form in any given state. Insurance companies usually want to keep consumer confidence by keeping rates stable. Companies with high claim loss may be more likely to need future rate increases. To get an idea of long term care insurance companies’ claim loss, read the NAIC’s annual “Long-Term Care Experience Report” showing actual claims loss ratios. Consumers can also inquire if the company has had any previous rate increases.


 
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