Most states require financial professionals to provide consumers with a copy of the National Association of Insurance Commissioners publication “A Shopper’s Guide to Long-Term Care Insurance” before completing an LTC insurance sale.
The booklet covers a range of questions consumers should consider when making LTC decisions, including:
- How Much Does Long-Term Care Cost?
- How Might I Pay for Long-Term Care?
- Will I Need or Use Long-Term Care?
- What Types of Policies or Contracts Can I Buy that Provide Long-Term Care Benefits or Coverage?
- How Are Long-Term Care Benefits Paid?
- What Shopping Tips Should I Keep in Mind?
A recent Wall Street Journal article (subscription required) by financial columnist Glenn Ruffenach discusses the importance of planning for long-term care and points to the Shopper’s Guide as a valuable resource. Ruffenach also identifies insurance and financial professionals as an important source of guidance for consumers. He says that “your best first step is not to shop for a carrier or policy. Rather, it’s to shop for a knowledgeable, independent agent.”
Another great source of information for consumers and professionals alike is NAIFA's Limited and Extended Care Planning Center. The Center houses articles, webinars, and other content and provides connections to some of the top thought leaders in the limited and extended care space.