American Association for Long-Term Care Insurance

June 5, 2014 –  Was it ‘bait and switch’ or just an uninformed insurance agent asks the latest example of ways consumers can save posted to the American Association for Long Term Care Insurance Consumer Information Center.

 

“Consumers need to understand that rates quoted by insurance agents are not binding until confirmed by the long term care insurance company,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group.   ”If an agent quotes the lowest rate and you don’t meet the health requirements, you will need to pay more or reduce your benefits.”

 

Slome notes that consumers calling the organization are confused and often upset with what they perceive as a bait and switch approach.  “It’s most likely just an agent unfamiliar with the current health requirements, but that matters little to the consumer facing paying more money than they expected,” Slome notes.

The Association shares an example of a real single woman from Kansas who was quoted coverage at the best rate.  “When she called a long term care insurance specialist for a comparison quote, the specialist did not believe she would qualify for that rate from that particular insurer,” Slome adds.  “She’d likely have to pay at least 11 percent more yearly.”

The story had a happy ending for the consumer.  The specialist was able to have her qualify for equal coverage with another insurer .  “She got the same protection and wound up paying 36 percent less,” Slome adds.
Requesting a comparison proposal proved beneficial according to the real example.  ”If you have been prescribed medications, even if you don’t currently take them or have health conditions that will be found when your medical records are examined, it really pays to seek a comparison,” Slome suggests.”

“When starting the process of looking into long term care insurance, one of the most important decisions you’ll make is deciding who to work with,” Slome counsels.  The Association director suggests three questions to evaluate an insurance professional’s expertise in the long-term care insurance field.  “Ask how many individuals they have helped get insurance, the number of years they have focused on LTC insurance and how many insurance companies they are appointed with,” he advises.  “If an insurance broker is appointed with multiple companies, he or she will do the comparison shopping for you.”

To learn more about long term care insurance savings ideas go to www.aaltci.org/ideas.  For no obligation cost comparisons or second opinions for long term care insurance costs from a designated specialist call the organization at 818-597-3227 or visit their website.

Tags: American Association for Long-Term Care Insurance, best long term care insurance, long term care cost, long-term care insurance, LTC, Medicare, savings

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