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These are frustrating situations for you and your family.
And sometimes, no matter how stable you are financially, your savings could be impacted with the cost of long term care needed when these situations should arise.
One thing is sure though-long term care is expensive.
Long term care is the care that you need when you are no longer capable of doing daily activities by yourself.
This may include bathing, eating or getting dressed.
People usually decide that they could not afford long term care insurance and that they would not need it anyway.
However, research shows that one in 5 Americans with age over 50 is at a high risk of needing long term care in the next 365 days.
If you really want to maintain a well-rounded financial plan, it is best to invest in long term care insurance (LTCi).
But once you decide to purchase a policy, the best jump-start is getting a respectable and quality long term care insurance provider.
This is crucial since you will be forking out about 20 to 25 percent of your income for the insurance.
This would entail a big deal of cash and naturally, you would want to do business with the most reliable insurance provider.
Here are some tips to consider when choosing the right one: 1.
Make your own background check.
Of course, you would want a provider with high financial ratings.
Typically, you will find the insurance company's financial reports and reviews in the libraries or you can order them by phone, mail or Internet.
Remember though that different agencies may have different rating systems.
2.
Consider the number of years in the long term care market.
It is best if the company has already been in the business for many years.
You can be sure that they already know the dynamics of the insurance business and has already handled long term financial obligations.
3.
Should have flexible waiting and benefit periods.
It is vital to know this when getting your provider.
Some companies would require a certain period before you become eligible for the benefit.
You may want to check how flexible their policies in this aspect.
4.
Holds a record of outstanding customer service.
You can track complaints filed for a certain insurance company via the Internet or from your local state department of insurance.
This will guide you in making a sound decision with which provider you want to go with.
5.
Provides wider benefits for daily living activities.
Try making your own list of daily activities.
You will know that it is the right company, if they offer many benefits from your list with lesser qualifications.
This is a sign that you will cut your cost significantly with this provider and at the same time you get wider benefit coverage.
In the process, long term care insurance is not just about you.
You may get the extensive care you need, but it is also about your loved ones.
Keep in mind that a well planned insurance poly plus a reliable long term care insurance provider equals a better future for you and your family.
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