Ten Questions You Should Ask
1. How many long term care policies a year do you write?
You want an answer of more than 10.
2. What is the difference between hands on and stand-by assistance?
You want the agent to be able to answer this.
3. Why do you prefer one company over the others?
Here you are looking for thoughtful answers.
4. What is your opinion of indemnity versus reimbursement?
Again, a thoughtful answer is good.
5. If a NY resident, is the Partnership right for me?
Maybe, but it isn’t right for everyone.
6. Should I buy an annuity to pay for this policy?
Depends on how much disposable money you have.
7. What is the claims payment experience of this company?
You want lots of experience. More is better.
8. How long has the company been in the Long Term Care Insurance business?
More is better, a lot better, in this case.
9. Is a plan of care written by the company and is it required for a claim to be paid?
You’d prefer the plan of care not from the company or not required at all.
10. What elimination period is best; 0, 30, 60, 90 or 180 days?
Most common option is 90 days.