When you consider a life long relationship with a Long Term Care Insurance company, you want to rest in the comfort of knowing that you have settled on a company with the highest possible ratings and reputation. After all, you will need them to be there for you in a pinch when you need to file a claim for the specified benefits.
With a serious relationship like long term care insurance, reliability is really, really important, don't you agree? So our topic today is how to check out a the long term care insurance company to make sure that they meet the highest standards.
In my opinion, the safest thing to do is to work directly with the long term care insurance Buyer's Advocate, because you can be assured that only top companies and policies will be considered.
In any case, over ten years as an observer of the long term care insurance marketplace, I'm not aware of even one case of fraudulent behavior by an insurance company.
Still, it makes good sense to check into a long term care insurance company's market behavior, history, ratings, consumer confidence and their records with state regulatory agencies.
1. Call your State Department of Insurance.
2. Ask for Consumer Assistance.
3. Request data on long term care insurance companies, then for each carrier you are interested in, ask for the company's "Annual Sales Figures for long term care insurance". Also get the total number of Complaints for both Facility Coverage and for Home Care Coverage. Then ask for their total "Long term care insurance Complaints Ratio" or "Long term care insurance Complaints per Million". Compare this for several companies to get a feel for consumer confidence.
4. Have your long term care insurance agent obtain in writing the company's current A.M. Best Rating. It must be A- or above. Accept no B+ or lower ratings unless you have health conditions which prevent coverage with a higher rated company.
5. If you are really serious, you can visit the Department of Insurance in person, and ask to see the "Rate Logs" to determine how many times, if any, a company has raised rates on any group of long term care insurance poicyholders in your state. A history of multiple rate increases over more than a few years would be a red flag.
6. Go to the Public Library - Ask reference desk for insurance rating books, specifically ones like A.M. Best, Weiss Research, S&P, Moody's, etc.
Do this before you make your commitment to one company or another. Sure, it's a little work, but you and your family will depend on this long term care insurance company in the caregiving years, and that Is a time when you want to minimize hassles. You'll be glad you did.
Copyright 2006 Clay Cotton
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