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LTC Consumer Review: Should You Get Long-Term Care Insurance?

LTC Consumer is an online resource that connects customers interested in long-term care insurance (LTCI) with specialists who can assess your needs and qualifications and find the policy that can provide peace of mind as you plan for your future.

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Pros & Cons

Our LTC Consumer review wouldn’t be complete without taking a closer look at some of the benefits and disadvantages.

Pros

  • Better premiums for younger purchasers.
  • Peace of mind for the whole family.
  • Independence for seniors who are financially able to choose their own care and where it happens.
  • Removes emotional and financial stress from family and friends as we age.

Cons

  • Prices and coverage can change drastically state by state – check your local rates for a better understanding of your individual premium cost.
  • Not every applicant will qualify, and the list of commonly declined diagnoses is long. Check this list to see how that can affect you.

Has the pandemic changed how you plan for your future?

According to Forbes Magazine, there has been a recent increase in Americans interested in long-term estate planning, including LTCI policies. Not only are we living longer than ever, but more and more of us are becoming caregivers to our loved ones.

Today, more than one in five Americans are caregivers to a loved one, with over 61% of those being women. This care is done without pay, and most likely in response to financial strain on the loved one.

How can LTCI's help?

First, they are not “nursing home insurance” – as in, they’re not just a guaranteed fund that will land you in a home once you hit a certain age. 

Think of long-term care as long-term health care that can fill in the gaps left by Medicare or Medicaid. According to the same Forbes report, most LTCI claims today are for home care.

Second, not everyone will find LTCIs the best fit or even qualify. But learning what will work for you and your loved ones for the long haul will eliminate the emotional stress and financial worry that can come with aging.

We’re going to break down the intricacies of LTCIs and help you decide what is best for you and your family.

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Quick Summary

Service: Long Term Care Insurance

Rates: Varies depending on multiple factors

Promotion: No current promotions

About LTC Consumer

LTC Consumer is an online resource for people looking to purchase long-term care insurance (LTCI) and research their options. They’re jam-packed with a website of information and specialists who can deconstruct LTCIs and educate you on your options.

According to their 2019 Buying Trends report, most LTCI purchasers were between the ages of 60-65. This number continues to go down as more and more people begin their long-term planning at a younger age.

Policies & Coverages

While it can be difficult to predict what care you will require in 20-30 years, you will certainly need a place to live. 

As we discovered above, most LTCI claims today are for home care, meaning more and more seniors who purchase LTCI choose to stay comfortably at home when care is needed.

These services can include adult daycare, home health, and hospice services.

Of course, there are still plenty of options for those going the nursing home or assisted living route. Other covered services can include nursing facilities, memory care, and other care options available by a qualified carrier in your area.

Some policies can also include additional assistance for a limited number of activities of daily living, but consider this calculation when budgeting and purchasing coverage. 

In general, take the cost of living (room and board) and add 20-30% to estimate the cost of that additional assistance.

Claims & Benefits

How do you calculate your “benefit pool”? Basically, it is your daily/monthly benefit outlined in your policy multiplied by the years of coverage. The buying trend report cited above shows most LTC Consumers customers purchase a daily benefit of $130 to $160.

The American Association for Long-Term Care Insurance (AALTCI) shows that claims paid by the LTCI industry passed the $10 billion milestone for the first time back in 2018. 

That year, they paid $10.3 billion in claims on more than 303,000 policies. These are the basic health-based LTCIs held by over 7 million Americans.

“Long term care insurance provides more than just the cash to pay for care,” says the director for the AALTCI, Jesse Slome. “It’s as much about having control and choices when care is needed while protecting your retirement plans and your family’s lifestyle.”

FAQ's

Check out these commonly asked questions about LTC Consumer and long-term care insurance as a whole.

Is LTC Consumer legit?

LTC Consumer has a robust list of specialists ready to help you traverse your long-term care journey. They understand not everyone will need LTCI, but everyone should have a long-term care strategy in place.

LTC Consumer has the resources to help you make the best preparation.

Who should get long-term care insurance?

Life expectancy continues to rise, as does the potential for needed long-term care. Any couple or individual with minimal pre-existing conditions who can anticipate care of almost any variety as they age should consider LTCI. 

Today’s policies cover formal and informal care, such as in-home care, assisted living, adult care homes, memory care, and more.

At what age should you buy long-term care insurance?

According to LTC Consumer, most people purchase LTCI coverage between the ages of 55-64. While many insurers are lowering the age limit at which they’ll issue policies, the list of pre-existing conditions that will disqualify applicants is growing. 

Check this list to see if your condition will lead to disqualification.

Is LTC Consumer legit?

LTC Consumer has a robust list of specialists ready to help you traverse your long-term care journey. They understand not everyone will need LTCI, but everyone should have a long-term care strategy in place. LTC Consumer has the resources to help you make the best preparation.

Who should get long-term care insurance?

Life expectancy continues to rise, as does the potential for needed long-term care. Any couple or individual with minimal pre-existing conditions who can anticipate care of almost any variety as they age should consider LTCI. Today’s policies cover formal and informal care, such as in-home care, assisted living, adult care homes, memory care, and more.

At what age should you buy long-term care insurance?

According to LTC Consumer, most people purchase LTCI coverage between the ages of 55-64. While many insurers are lowering the age limit at which they’ll issue policies, the list of pre-existing conditions that will disqualify applicants is growing.

Is It Worth It?

LTC Consumer’s goal is to make sure you retire and grow older with peace of mind for this next phase in your life. 

Billions on billions of dollars have been paid in claims to policyholders across the country, and each of the seven major providers have at least one claim exceeding $1 million. 

These are claims offset by purchasing a long-term care insurance policy, made even easier by purchasing sooner rather than later.

Even if, after searching their website, you decide purchasing a LTCI policy isn’t the best route for you, LTC Consumer recommends you still have a long-term care plan in place that benefits you and your loved ones. 

Request a free quote and consultation today and see what plan suits you.

LTC Consumer

LTC Consumer is your long term care resource with information and innovative tools to help you make the best choice. Save on with our free LTCI Quote Tool.

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  • Editor Rating
  • Rated 4.5 stars
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  • LTC Consumer
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  • Last modified: October 1, 2021


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