Long-term care insurance is different than a usual insurance policy; it is something that is not covered by usual medical insurance or any other health care program. This kind of insurance provides care for a longer time than a predetermined period. This is normally provided for people who are not exactly ill but fail to carry out routine tasks such as getting out of the best, walking to the bathroom, traveling to work, dressing, bathing, etc.
These elderly people who require long term care insurance are usually the ones who do not have any relatives and are completely alone in this world; some are those who do not want to rely on their children or relatives and like being independent; some are also those whose children do not care and disown their parents once they grow up (AARP.org).
With the life span of people increasing, the issue of health risks is also rising. Long term care insurance generally covers daily home care with dressing, eating and basic tasks; adult day care; living facilities which is provided in a natural residential setting with meals, health monitoring and routine task help; nurse health care who visit the individual at home; and lastly, a nursing care home. What kind of service one receives depends on the kind of package he or she subscribes to (Mathews, 2008)?
There are a large number of companies providing this service: MetLife, John Hancock, GE Capital, Insure America Health, Elder Care, and LifeCare Assurance Company. Each of them has its own rates and packages; they even have combos and deals. However, I would personally make my purchase from MetLife. The reason is the credibility of the brand; it is one of my most well-known service providers and its customers have generally been happy with them. Also, the prices that they offer their services at are almost the same as the ones issued by the price index as part of the senior citizen information and news in 2008: which is, $1,342 per annum if married, and $1,999 if single. Additionally, they have a good website and online registration system which is technically a great help for someone who has difficulties moving around (Consumer Reports, 2003).
There are certain things that one should keep in mind while purchasing long term care insurance: one should make a full background check and review their financial reports and analysis because one would not want to be stuck with a care company that has no money; ensure that the company has been in business for long and has a long way to go because this is a long term commitment if the company goes bankrupt or shuts down, one remains insecure; and of course, the provider should be able to provide outstanding service that is also differentiated. If one tries to fit MetLife into the criteria of the ideal selection of a long-term insurance provider stated above, it fulfills all the clauses; thus, my personal selection will also remain MetLife.
Works Cited
Matthews, J., Long-Term Care: How to Plan and Pay for It; Edition: 7, illustrated, revised; Published by Nolo, 2008
“Do you need long-term-care insurance?” Consumer Reports; 2003.
McKinnon J.; The black population; Census 2000 brief; Washington, DC: US Department of Commerce; US Census Bureau; Web.
AARP.org.
Long-Term Care Insurance Cost Nears $2,000 a Year for a Senior Citizen; Senior Journal.com.
Long Term Care Insurance for the Elderly.