Long Term Care Insurance Online

When a good friend of mine inquired where hethousands of insurance agents and brokers
could obtain information about medical insuranceadvertising on the Internet. Most of them will
for his out-of-state, elderly mother, I told him toprovide instant on-line quotes and even
try the Internet.applications for the potential insured. I highly
He reported back to me about a week later, indiscourage a layperson to purchase insurance in
desperation: "I am giving up, I am too confused."this fashion. A little knowledge can be dangerous.
He had taken on an overwhelming project with hisThe federal government has mandated to all
widowed mother, living in another state. As thestates through legislation, the standardized senior
only child, and following the sudden death of hishealth insurance policy guidelines, which are
father, it was his responsibility to care for hisgoverned and regulated by each state insurance
mother.department. There are plans for almost every
In this world of technology, the family unit islevel of health. Some are designed and priced for
often living in different geographical areas and thea less than healthy individual. Others are for a
family members are usually quite involved withperson with minimal health concerns. The whole
their own lives, careers, and families. In addition,concept of insurance is to provide protection for
when both parents are alive, often one or both"unanticipated" sickness or injury, especially
parents are quite independent and do not requirecatastrophic expenses, which would devastate a
a lot of assistance. As time goes on things, ofperson's net worth. The more small expenses a
course, change, and sometimes change veryperson is willing or able to pay (self-insure), the
suddenly. There can be a crisis, with regard to thelower the rate. I recommend this strategy when
health care needs of one or both aging parents.evaluating your insurance options. Another
With our baby boomers facing this problem inconsideration when reviewing various insurance
ever increasing numbers, and with the informationplans is to look at the company itself. How long
highway in full bloom, there is a definite need forhas the company been selling this type of
planning. Protecting your parent's assets and healthinsurance? Do they have a lot of complaints filed
is a huge and daunting undertaking, which requireswith the local department of insurance? Are the
a tremendous amount of education and practicalrates stable? Does it pay claims on time? Service?
application. Our seniors face many diverseMost agents talk about the rating. These ratings
responsibilities upon reaching age 65. To name justare as follows: A+, A, A? B+, B, B? C+, C, C? or
a few: Estate planning, taxation, Medicare, social"not rated." Do not be fooled by rating alone. It is
security, wills, insurance, and various other legalgood to have a high rating, but it is far better to
and financial matters. All of these different areashave a company that has longevity, stability,
require expertise from accountants, lawyers,innovation, service, and expertise. The problem is
estate planners, insurance agents, home brokers,that some companies enter into a market and
financial advisors, and others.quickly leave without explanation. This does not
The Internet is a good starting point for mostgive security to the policyholder. The most
people to find resources for questions andimportant consideration should be a review of the
solutions for your problems. There is, however,profit/loss ratio for that product. This will establish
no replacement for good solid intelligent advicestability, and longevity in the market. An insurance
from an expert. Twenty years ago, insurance forcompany with a moderate profit in a particular line
elders was sold by "senior insurance specialists,"of business will remain in that market. On the
with just a handful of companies in each state.other hand, a company with losses will make
The programs were most often Medigap orchanges and possibly even withdraw. This is
Medicare supplemental policies, which covered theinformation not normally available to Internet
expenses not covered by Medicare, includingusers. Before entering into an insurance contract ,
hospital and doctor deductibles, durable medicalthe senior person, the family, and other advisors
devices, and non-approved Medicare costs.must be realistic, and a careful evaluation of the
Ironically these specialists did not sell a lot ofentire picture must be examined. The age, the
nursing care policies, even though Medicare paid ahealth of the senior, the financial resources, the
national average of less than 2% of thesepersonality and attitude of the senior, and most
expenses. With the advent of "financial and estateimportantly the desires of the senior, should all be
planning" and more insurance companies enteringconsidered. Early planning is important, as
this market, a more broad and diversified productqualification becomes increasingly more difficult as
line became available to agents, brokers, planners,the applicant's health declines. The senior health
and seniors. Part of this new diversification wascare market is complex. I will offer some words
the "home health care plan," sold by itself, and inof advice to attempt to alleviate potential pitfalls.
conjunction with senior health insurance products.*C hoose a well-informed, seasoned, and service
The appeal of the "home health care policy" wasoriented agent or broker to assist your decision
that a senior could stay at home and still receivemaking process. The professional can offer
medical and custodial benefits, allowing a person toinvaluable information, but do not be afraid to ask
recuperate in the comfort of their own home.a lot of questions and even get a second opinion.
This was the answer to a huge problem. The last*Do not wait until your parent or loved one is
place an older person wanted to go was asick, or injured. Plan ahead and take the time
"retirement home," or "rest home," or, God forbid,needed to cover all the options. *C hoose an
the "nursing home." It appeared that seniors couldexperienced insurance company. A Company that
now rely on this new innovation without worry ofhas been in the marketplace for a significant time
having to move out of their home environment inand has maintained a balance of rates and
the event of a health problem. As with mostbenefits and sound risk selection with moderate
things," if it is too good to be true." ... The homerate increases over time is your best bet. *T he
health care policy is no exception. The problem is,plan should be flexible, with a broad range of
there is not enough coverage for a lengthy illnessoptions and benefit selections to the insured.
or recuperation time. The fact is, the new trend isThere should be no tricks, or complicated
toward an "all in one" type facility, allowing for alanguage for the coverage. An incredibly low rate
variety of levels of care all in one location. Inis a red flag for trouble in the future. *Do not
other words a senior could start off with little orrush or be rushed by an over aggressive sales
no health care concerns in an independent, lessperson. This policy will not be inexpensive and will
expensive area, and then go to an assisted living,need to be read and reviewed for a clear
or nursing care facility, all within the sameunderstanding of the contents. This is one
compound. A "nursing home" requires a nurse onadvantage to the Internet. You are allowed to
the premises 24 hours per day, assisted living isread indefinitely before you act.
just eight hours. The advantages to this areA long-term care program, with or without
financial. The patient or senior is only chargedinsurance coverage, will only work if the senior
according to the care level required during thehas input into the care selection process. If there
time he or she is admitted to that facility. Anotherare any questions about the accreditation of a
benefit is it alleviates a lot of planning because thefacility please call the "Continuing Care
care is delivered, as it is needed. The medicalAccreditation Commission at 202-783-7286.
attention is available to all residents regardless ofBy William H. Pritchett This article is free for
their current health. Some people are offered arepublishing
lifetime package , which covers their care for theSource:
rest of their life, regardless of their current age. ItIn 1984, William Pritchett, Jr. developed the first
also allows for social outlets to an otherwiseHome Health Care plan of its kind, which
somewhat isolated group. On-line shoppingrevolutionized the insurance industry in this
services have become a huge business. It ismarket. The program was developed to allow
definitely here to stay and many insurance policiesseniors to recuperate in the comfort of their own
are purchased from Internet quotes and on-lineho.me as an alternative to assisted living facilities.
applications. There are literally hundreds ofThis idea has grown into an entire industry.