Long Term Care Insurance Buyers Must Compare More Than Just Price

September 30, 2015/PRNewswire-USNewswire/ -- Individuals considering long term care insurance protection should compare more than just bottom-line costs, advises a leading national consumer expert.

"Too many people simply want the bottom line price, and while that's important, basing your decision purely on cost can be a big mistake when the time comes to access policy benefits," declares Jesse Slome, director of the American Association for Long-Term Care Insurance(AALTCI). 

"Policy language governs when and how insurance benefits are paid and you won't receive your contract until after you have applied, been accepted and often paid an initial premium."

Slome points to small but important differences that can impact long-term care insurance purchasers. "Most policies reimburse you for expenses paid, which means only after you've paid a $7,000 nursing home or assisted living bill and submitted paperwork," Slome notes. 

"If that's not desirable, a recently-introduced policy pays up to one month in advance, which can be a significant benefit to consider when comparing plan pricing."

"Insurers are continually looking to offer policy benefits that provide real value to policyholders," shares Bill Naylon, President of MedAmerica Insurance Company, a leading provider of long-term care insurance protection. 

MedAmerica introduced a new policy, CareDirections^® Contego, that features advance payments to help shield families from cash flow issues during a long term care event.

"Policy options, features and discounts can vary significantly," Slome adds. "Costs for essentially equal plans can vary from 20 to over 100 percent. Additionally, health conditions that are not acceptable to one insurance company may be acceptable to another."  

According to AALTCI data, insurance companies decline from 20-to-44 percent of applicants for long-term care insurance after age 60 because of existing health issues.

"You generally only buy long-term care insurance once so choose the policy and insurance company that best meets your needs, budget and health," Slome advises. 

The Association suggests consumers interested in learning more about policy differences read real examples of ways individuals saved on long-term care insurance costs or obtained better coverage. Examples have been posted on the organization's website.

"Compare, compare, compare or work with an experienced, knowledgeable professional who can compare policies for you," Slome advises. To connect with a designated long-term care insurance professional for no-obligation comparisons from leading insurers visit AALTCI's website or call 818-597-3227.