Utah residents looking for long term care insurance have several options. Here are some things to keep in mind when shopping for quotes.
Financial planners are touting the wisdom of including some sort of financial protection for the costs of long-term care. In fact, more and more people are realizing that their retirement savings could be wiped out by long-term care needs. Unless you have enough assets to cover those costs and maintain your standard of living, long-term care insurance could be your best bet.
Basically, what you pay for long-term care insurance depends on your age, health and the benefits of the policy.
Statistically, older people have a greater chance of needing long-term care than younger people, so the older you are, the higher your premium will be. A study* released by the American Association for Long-term Care Insurance showed that a 55-year-old in good health paid an average of almost $700 in premium less then a 65-year-old in good health -- for the same benefits. Thus, planners often advise people not to wait too long to get coverage.
You can choose different benefit amounts based on what you think you might need, for example whether to receive $30, $100, or $300 per day for care. Usually, the higher the benefit amount you select, the higher your premium will be. Policies also provide different waiting period lengths before the benefits kick in. A longer waiting period could give you a lower premium.
The way to get started is by shopping around and comparing the quotes and policies available. Rates do vary between long-term car insurance companies in Utah so this could save you some money. Try to get at least three comparison quotes.
To get started either call some long-term care insurance agents or go online from the privacy of your computer. You can get quotes from individual insurance company Web sites or visit a comparison Web site. Comparison sites typically let you enter your information once and provide several quotes back.
Then, compare benefits and costs carefully. If you've decided on a quote, make sure you understand exactly what you are covered for before signing. Don't hesitate to call the agent or company and ask questions.
*2006 National Long-term Care Insurance Price Index