Which insurance company to use?

The structure of a long-term care insurance policy can vary from company to company.  Some companies make their policy more benefit-oriented.  While others strip down the base plan to provide minimum coverage at an affordable cost.  Then they use the optional benefits to build up the policy. So compare coverage and benefits, not just the cost.

To purchase a LTC insurance policy based on the lowest price is not the best way to protect you.  The age old saying, “You get what you pay for” should be remembered when comparing companies and coverages.  If it seems too good to be true, many times it is.  Some companies, in order to write policies will charge lower premiums or offer smaller benefits.  But as time passes they will probably have to increase premiums in order to pay for losses.  A policy you bought today for a lower policy premium than the other companies is no good to you if the premiums for that entire policy class go up as you age. 

The policy you are purchasing now is to be used 10, 20, 30 years into the future.  You want to make sure the insurance company will still be around when you have to use the coverage you have been paying for.  When looking for an insurance company you should look for a company that has billions, not millions of dollars in assets.