Watch Out for Long-Term Care Policies That Will Cost You Double
Data from the American Association for Long-Term Care Insurance says that huge price differentials by big insurance companies can nearly double what Americans are charged for long-term care insurance, which can cost hundreds of dollars a year.
"We now see large price differences between leading insurers resulting from pricing approaches, discounts offered and health classifications," says Jesse Slome, director of the association. "People can easily pay 40% to 90% more than they need to, and many people forgo getting this important coverage simply because they fail to understand how to take advantage of discounts still available."
A big part of the problem is the complex formula insurance companies use to price out long-term care costs. It's a process so confusing that Slome advises consulting with a trusted insurance professional to weed out the bad options. Going it alone is a big mistake, he says.
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