Finding Long-Term Care pricing on the Web
Thanks go out to reader Steve who asked: Is there much research available on the net...I haven't seen much, at least regarding specifics such as how much it will cost, etc.?
Steves question came in response to my recent post titled "Just Paid My '05 Long-Term Care Invoice."
Here are two companies that provide interactive rate quotes on the Web:
- Get State Farm rate quote...
- Get AARP / MetLife rate quote...*
I recommend that you use these sites as a starting point to learn how various options / features / levels of coverage impact price. Then once you know what you want, get several quotes from industry leaders. I also recommend that you attempt to find an agent who specializes in LTC (minimum 5-years experience).
My short-list was GE (Genworth), John Hancock and MetLife. I also obtained quotes from New York Life, State Farm and Prudential.
Note: I highly recommend that anyone planning to buy LTC insurance do their homework and truly understand what it is that they are buying. Pricing is only one of a number of important factors that should be considered when selecting a company / policy.
* When I checked (1H 2004), MetLife's policy offered through AARP differed from the policy I selected. As best I was able to compare apples-to-apples, it appeared that the MetLife policy offered by AARP was more expensive. My guess is that the AARP version had less stringent underwriting (observation based solely on my personal experience).
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