Insurance for Long-Term Care: An Essential Primer

Through her probably extensive research, could Jacqueline give a recommendation for a LTC insurance company? Thank you.
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Genworth and John Hancock are probably the most well known, but there is no one best carrier that fits all--it depends on your situation, marital status, state, health history, age and financial status. What you need is a completely independent agent who knows all the details about many many carriers and who has been a specialist in the area of LTC insurance for a long time. They will be most familiar with all the options and most current changes in the industry. I heard recently that Penn Treaty has an opportunity for those who would otherwise be considered uninsurable by all the other carriers. The plan is called “Secured Risk” and is worth checking out, but again, use an independent agent, don't go directly to the carrier. My recommendation to the most knowledgeable agent I know would be Gelbwaks Insurance--as they are licensed in all states with 30+ years in the industry. I know Peter Gelbwaks (he has been a regular guest on my radio show, 'Coping with Caregiving' for several years) and I am sure he would be happy to assist you. http://www.gelbwaks.com/
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If you buy LTC insurance, do while you're young. It's much cheaper.
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Jacqueline makes many excellent points. Her advice to find an excellent independent agent is outstanding. Beyond asking them the questions she suggests, I recommend that you describe you personal and family situation, concerns, desires and preferences to them. The more that they know, the better job they can do to customize the coverage to you. If you contact me at cthau@targetins.com, I will send you contact information regarding an independent broker in your area, if I know one.
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I have tried 5 different insurance companies to get long-term care & have been turned down by everyone, because I have bipolar & take anti-psychotic meds.

 

My husband got it easily.

 

Any ideas of what I can do so I don't burden my kids when the time comes?

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