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PageWednesday, July 26, 2006
People throw up their hands and do nothing when faced with complexity that confounds even the experts: myriad policy choices from dozens of carriers that use different terms and definitions; regulations that vary from state to state; and price quotes that map poorly to benefit amounts, waiting periods, deductibles, duration of benefits, possible rate hikes, and inflation protection. Truesdell applauds the AARP study and offers three strategies for "picking the right fire extinguisher" in time.
Rely on a knowledgeable independent agent. "Choosing among hundreds of fire extinguishers gets a lot easier when there's a clerk who knows the types, makers' reputations, and so forth," says Truesdell. "The field is so complex, you need someone who's not only impartial, but who's focused on the specialty for a long time."Get financial advisors into the act. "Americans are starting to realize that long term care insurance is a factor in good estate planning" says Truesdell. "Without the insurance, you put your whole nest egg at risk, not just your lifestyle." Many financial advisors are becoming more knowledgeable about long term care insurance; calling upon them can narrow one's policy choice.
Rely on a knowledgeable independent agent. "Choosing among hundreds of fire extinguishers gets a lot easier when there's a clerk who knows the types, makers' reputations, and so forth," says Truesdell. "The field is so complex, you need someone who's not only impartial, but who's focused on the specialty for a long time."Get financial advisors into the act. "Americans are starting to realize that long term care insurance is a factor in good estate planning" says Truesdell. "Without the insurance, you put your whole nest egg at risk, not just your lifestyle." Many financial advisors are becoming more knowledgeable about long term care insurance; calling upon them can narrow one's policy choice.
Join with a group. "Just about anyone can qualify for some form of group coverage, at a discount," says Truesdell, "and a group decision can be a lot simpler than an individual one, because your group does the legwork." While most companies won't pay for premiums, many are starting to facilitate policy choice and discounts.
posted by renaa
@ 10:33 PM
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