How to Compare Long-Term Health Insurance Companies
Finding a long-term health care insurance policy is in itself a time-consuming process. Long-term health care is the care a person needs in the event they are unable to be self-sufficient, such as nursing home care. Take steps to ensure you pick the best insurance company and long-term care policy by comparing insurance companies and its policies and products.
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Instructions
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Create a list of the key criteria you are interested in comparing such as premium costs, customer service, benefits provided, co-payments, if any and any other key criteria important to you.
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Research insurance companies' financial portfolios. Create a list of financially solid insurance companies. A financially solid insurance company has been established for a significant period of time, includes no bankruptcies or liens in its recent financial history and makes its financial statements available to consumers.
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Check the Better Business Bureau (BBB) for each company on your list. Before comparing premiums of long-term insurance policies, check the validity of the company. Go to the BBB website and look up the names of insurance companies that are under consideration. If a company is an "accredited business," it means the company has registered with the BBB. Therefore, it must have been in business for at least one year, have demonstrated sound business practices and meet BBB accreditation standards.
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Contact each of the long-term-care insurance companies online. Locate a company's website for easy access to information, policies and quotes. An online chat agent may also be available to answer any questions conveniently.
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Call the customer service department of each insurer to compare services to consumers. Customer service is a major part of a company's success. Decide if the customer service department is able to answer questions, and note its treatment of potential customers and its ability to provide quotes.
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Compare quotes of all companies researched. Be sure that you are comparing apples to apples when comparing quotes. When contacting companies, ensure that you ask for quotes for the same amount of coverage, term of coverage and premium payment processes. Premiums must be affordable in order to keep the policy going without a lapse.
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Consult a long-term care ombudsman. These are officials who investigate complaints against long-term care facilities and provide comparative information on specific facilities. This information can help you decide on the level of coverage you will need and which insurance company has the best policy to suit your needs. Use the "Eldercare Locator," an online service of the United States Administration on Aging to find a local ombudsman (see Resources).
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Create a computer spreadsheet or use a pencil and paper to compare the information you have gathered. Your list should include price quotes, BBB scores, information on accreditation, financial outlook, customer service and ease of access to the company and any other criteria you consider important. Make five columns with the headings provided above. Use two rows titled "Yes" and "No" in reference to each of the insurance companies.
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Tips & Warnings
Start comparing long-term health insurance companies earlier to prevent making hasty decisions.
References
Resources
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