Long-Term Care Insurance Companies
According to the records of the National Association of Insurance Commissioners (NAIC), 194 long-term care insurance companies wrote long-term care policies in 2007. As demand for this coverage continues to rise, more and more insurers are beginning to provide this coverage.
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Insurers
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Unless you qualify for Medicare, you can only obtain long-term care coverage from a private long-term care insurer. These long-term care insurance companies are either stock or mutual fund financial organizations. According to the Insurance Information Institute, five of the leading long-term care insurance companies include MetLife, Genworth Financial, John Hancock, Unum Life Insurance and Bankers Life & Casualty.
Subsidiaries
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Long-term care insurance companies are typically subsidiaries of larger "parent" insurance companies. Metropolitan Life Insurance Company (MetLife), for example, is a subsidiary of MetLife, Inc. It is one of the leading providers of long-term care insurance across the United States and Latin America, as well as Europe and the Asia Pacific region. Bankers Life & Casualty is a subsidiary of the Conseco Group, while UnumProvident Corporation is the parent group of Unum Life Insurance.
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Policies
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Long-term care insurance companies often provide their coverage through independent and captive agents and brokers. Many offer quotes online as well. Genworth Financial, for example, sells its policies through a national network of independent financial representatives. Like other long-term care insurance companies, it provides both individual and employee-sponsored long-term care insurance plans. Some of its life insurance policies can have a long-term care provision added to it.
Support Services
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In addition to selling you a policy, most of the leading long-term care insurance companies will also provide support services in the event that you need care. John Hancock LTC, for example, provides you with a personal care coordinator who will help you in designing a plan of care that not only meets you individual needs, but also makes the most of your policy benefits. Assistance with the claims process as well as a provider discount program are other benefits offered to their LTC policyholders. Not all long-term care insurance companies offer these valuable services for free, so it is well worth your time to find out if a particular company offers similar services before you purchase a policy.
Financial Ratings
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The financial rating of long-term care insurance companies is a key consideration when choosing between one insurer and another. A company's financial rating is determined by independent organizations, such as A.M. Best, Moodys, Standard & Poors, Fitch and The Street (Weiss Ratings). The financial strength rating is critical because it is an indicator of the overall financial stability of any given insurance company, and its ability to pay out on your claim when you need it. A long-term care policy is useless if the provider goes bankrupt. Reputable long-term care insurance companies belong to a state guaranty association, which is guarantees your LTC coverage in the event that your insurer goes broke.
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Resources
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