Considering the high cost of care nowadays, to think that you will be able to afford long term care (LTC) services out of your own pocket is a fantasy. Those in the know have secured long term care insurance (LTCI) policies, as they know that time will come when the prices of LTC facilities will be unreachable.

According to the health industry, LTC costs are not going down soon; rather these are expected to increase twofold in 2026 and fourfold in 2030. This does not mean, however, that you have to prepare a billion in your savings account. Why? Sooner or later your billions of cash could result into obsolete assets as the posted figures for home care, institutional and community-based LTC facilities are constantly on the rise.

So, what should one do to escape the foreboded higher cost of care?

Plan your health care needs properly. Just bear in mind that neither your bank savings nor your Social Security and Medicare contributions will be sufficient for the expected cost of care in the country.

If you ask society’s wise ones who have already secured a specific plan for their health care needs, they’ll tell you that the most effective solution for the high LTC expenses is an insurance policy specially designed for long term care.

Now to clinch an LTCI policy that will guarantee full or partial coverage of your future LTC expenses you will have to consider very important factors. One of which is the insurance company from which you intend to buy your policy.

Check a potential company’s background and the range of its services. Apart from these, find out what rating A.M. Best has given it. The ratings which A.M. issues on insurance companies are based on the amount of claims that each has paid out.

Before That Long Term Care Insurance Provider

There are over a hundred insurance companies that offer LTCI policies, but they do not offer the same terms and conditions so be smart and compare the products and services of one company with that of others.

Before comparison though, identify your needs first. Although many people find this suggestion unrealistic, this is an important aspect of planning. They wonder how in the world would they know what they would need health wise 30 years from now?

Research is the key. Check your family’s health history, the common reasons of death in your family, and family members who are currently 80 or older. Is anyone of them confined in a nursing home or stuck at home due to a disability?

Knowing these things will help you to determine the type of care that you would possibly need someday. In case you find out that a familial sickness runs in your kin, visit a physician for general medical examination. Oftentimes, it’s through checkups that people discover they are predisposed to a certain ailment, or that they have a pre-existing condition already.

Once you know your health condition and the type of LTC setting that would be most convenient for you, the next step to take is compare long term care quote from different companies held in high esteem by the industry, the ratings companies, and most especially the public.