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I am a 49 year old in wonderful health and my recent care giving for an elderly friend (he has since passed) has made me aware that it my be a good idea to get some for my own future care, if I need it. I know nothing of how to find an ethical agent, what it covers, or anything about it, really. Any information I get here will be very much appreciated.
Thanks and bless you all!

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CC - at 49 you are likely looking at 25/30/35 years before needing any benefit from a policy done in 2016. The probability is that the whole marketplace of what health care is and what services are covered & needed will change dramatically in that period of time. And you have a policy based on life in 2016.

You may find yourself in the situation that many with older LTC polices find themselves in now....yeah they have a policy but what it pays for & covers was based on the 1970's & 1980's when health care costs were totally different. Many have huge increases in premiums to continue a old policy if they want to keep it. And these costs hit folks in their 70's & 80's on fixed income especially hard. If you Google "Genworth Increased premiums", you'll find lots of good readings on this issue. Genworth is a market leader company too and if they have issues with sustainability in LTC policies, to me, it does not bode well for smaller LTC insurers. Some have already left the market as the costs of care are so staggering that the insurers can't keep up & be profitable. Also added to this is low interest rates of late, so the insurace co just arent making the profit they thoght on the $$ from premiums.

Also clearly ask about the commission structure...you may be surprised at just how much the agent is bring paid over time on your policy.

Also you might look to see the complaints or concerns filed on the company with your States Dept of Insurance and if they have filed for premiums increases. Almost always the premiums are allowed btw as the insurance commissioner will agree to increases as the co will threaten a pull out if not granted.

Some NH will not take LTC policies for payment. My moms NH would not. What they told me was that each insurance co has its own requirement of documentation to be submitted for the LTC insurance to pay and it's just too much paperwork to deal with. Plus they always want more " details" and hold up payment till each issue is resolved. That for this NH (part of a group of homes) getting paid by Medicaid was better than dealing with LTC insurers as Medicaid could be counted on to pay on time & consistently. I have no idea if this is a trend but it well could be.
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Thanks for the great info...lots to consider
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It’s good to know that you are considering getting long-term care insurance as early as now. This type of policy is designed to cover different types of long term care settings and services that you might need in the future. You can create your own policy according to your level of need and financial capacity.

Since the cost of care is rising today, it has a inflation protection feature that allows your policy benefits to keep up with the changes in the cost of care.

Getting a group long term care insurance is perfect for people with health issues and can’t get an individual coverage. Those who are in good health or married will most likely pay more for an employer-offered policy compared to a policy purchased on an individual basis.

Getting an individually purchased ltc insurance is recommended for people who are married in order to get spousal discounts. This is also perfect for people who are single and entitled for health discounts. You can actually get about 10% discount on your premiums, which you will not lose even if your health status changes.

For more information, here are some long term care insurance resources you can use:

http://longtermcare.gov/costs-how-to-pay/

altcp/costs-ways-to-pay/ways-to-pay

http://www.aarp.org/health/health-insurance/info-06-2012/understanding-long-term-care-insurance.html
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No prob...thanks LTCShop ;)
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oops, I meant to address that to Caryn.
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Hi Angel,

You should only consider LTC insurance after some of the more important financial priorities are taken care of especially:

no high interest credit card debt,
at least 6 months of emergency savings in a liquid account,
maxing out your retirement account contributions every year, and
adequate life and disability insurance (if you have dependents)

If you've taken care of those things and your budget is very tight, then just buy a "starter policy" that costs $50 to $75 per month. The "starter policy" would be a policy that allows you to buy more benefits in the future, regardless of changes in your health.

Prices for long-term care policies can vary significantly from one company to the next even when comparing identical benefits.

For example, some companies charge women 30% to 50% more than they charge men. Other companies charge women the same rates that they charge men.

It’s a good idea to work with an independent insurance agent who specializes in long-term care insurance so that you can get an accurate comparison of several top policies and pick the one that is best for you.

Scott
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I forgot to add im in California.
Angelk thank you so mich!
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Sometimes long term health care insurance can be purchased from your employer..usually the same company that provides your company's life insurance. That would be the best first place to start as you may get a company discount. My company uses Met Life and I have a long term care insurance policy through them. They have a great reputation and are reliable.
Angel
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