Shopping for long term care quote from major ltc carriers is easy but comparing long term care quotes is another story and it’s a bit complicated and hard. Here are some of the steps on how to make this task easy.
1. Familiarize yourself with the terms used
One thing that makes comparing quotes difficult a bit confusing is the terms used. For example, one carrier might call one of its inflation protection feature as 5% Equal and the other refer to it as 5% Simple. These two are just the same in terms of the services they provide and their only difference is their name.
2. Comparing your daily benefit amount
Just remember that the change in premium of your daily benefit amount either in an increasing or decreasing manner will always be linear. For example, the cost of a $200 benefit amount is 50% higher than that of a $150 daily benefit amount.
3. Check if your benefit period or pool of money is just the same
4. Study carefully if the features offered are the same.
5. It also pays to check other details like if your nursing home or home health expenses will be covered in full or just half of it.