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Follow on Google News | Long Term Care Insurance Expert Shares Savings TipRates for long term care insurance can vary by state so an expert advised the eight million Americans moving to a new state or those with dual residences to compare rates before they move.
“Rates for identical long term care insurance coverage can vary by 10 percent or more depending on where you reside,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance one of the nation’s leading long term care insurance http://www.aaltci.org/ “A comparison of costs for a plan providing roughly $165,000 of coverage found that he would pay roughly 13 percent less if he waited to apply in New York,” Slome advised. “We explained he needed to speak with a knowledgeable expert licensed in both states so he could learn of any important considerations.” According to the Association while most insurance professionals are licensed only in the State where they do business a growing number of long term care insurance professionals who specialize in the product are available in multiple states. “A growing number of specialists will consult with people over the phone, something which many prefer compared to an in-home appointment with an insurance agent,” Slome adds. The Association compared rates for three leading insurers offering policies in multiple states. “The cost for coverage from one company was about $910-per-year for a 55 year old living in New York but $1,035 for identical coverage for someone in Tennessee,” Slome notes. “Insurance companies today tend to require some proof of residency,” he adds, “for example, they will base coverage on the state issuing your driver’s license.” To connect with one of the Association’ End
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