How to Choose a Long Term Care Insurance Specialist

People seeking long term care insurance should buy it through an independent agent. That's what most experts advise. But there's a problem. "How do you find the right agent?" Consumers can get frustrated real fast. Looking in the yellow pages or doing an Internet search, may not help come up with the best choice for a Long-Term care insurance specialist.To help consumers determine if an agent is solid and right for them consumers can ask the following five questions:


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    Decide if your circumstances are such that you will need coverage for long term care. If you have sufficient assets, you may not need it. However, those who do not expect to have substantial and ongoing income in their senior years will want to investigate long term care insurance and find a policy which will be very flexible and long lasting, and which includes the smallest commission possible.
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    Ask the following questions:
    • What is the commission the agent is going to charge you? This is usually a hidden fee, rolled right into your premium, so be sure to ask.
    • What insurance products do you offer besides LTC insurance? The aim of this question is to find out if the person's a specialist, selling only or mainly long term care insurance. You don't want someone who divides their attention between LTC, auto and life.
    • What insurance carriers do you represent? You want someone who offers a choice of A-rated companies that offer a range of solid, affordable policies.
    • About how many LTC clients do you have? A seasoned specialist will have dozens to hundreds of satisfied clients.
    • I understand there are tax breaks and other financial ramifications to long term care insurance. Can you advise me on such things? A yes is the best answer here. Well-informed agents know about the relevant regulations, but don't stray into tax law or estate planning details. Instead, they work with knowledgeable financial advisors, accountants, estate planners, and attorneys.
    • How can I learn more about you? The aim of this question is to find evidence of recognized authority. Do they have any professional designations? Can they name local professionals who recommend them? Are they scheduled to speak at an upcoming event? Do they give talks to groups or companies on request? Can they be found on the Internet?"
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    Analyze the policy to learn how long it will last. Many policies will cover you only for four years, after which you will need to start blowing through your assets if you are still alive.
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    Understand whether this policy will cover you at any institution you may need to use. Many facilities are very limiting in who they will accept. If you have a policy which allows you to go only to certain facilities, and those facilities won't accept you because you are diabetic, you will have a problem.

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Categories: Finding a Medical Specialist