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Where to buy long-term care insurance

Adult granddaughter assisting her grandmother sitting in wheelchair
The right long-term care insurance policy can help you keep your finances intact during retirement. Westend61/Getty Images

As you plan for retirement, you may be largely focused on getting your retirement savings in order. And, that's a smart thing to focus on, as you'll need to put away enough money to maintain your lifestyle after you stop working. But if you aren't careful, other important components of your financial plan, such as long-term care insurance, may fall through the cracks. 

While long-term care insurance may not be the first thing that comes to mind when planning for retirement, this type of coverage can be vital to keeping your finances in order. Long-term care insurance helps cover the costs of a range of services and support, from nursing home care to in-home assistance with daily activities. And, if you need them, those services can be very expensive, so a long-term care insurance policy makes sense for most retirees.

But before you purchase a policy, you need to know what your options are for getting one. So where can you buy long-term care insurance?

Get started and explore your long-term care insurance options here.

Where to buy long-term care insurance

There are a few different ways to buy long-term care insurance. You can typically purchase a policy by utilizing one of the following options:

Insurance companies

The most common place to purchase long-term care insurance is through traditional insurance companies. These companies offer a variety of long-term care insurance policies that can be tailored to your specific needs and budget. When considering insurance companies, it's essential to:

  • Shop around: Obtain quotes and policy details from multiple insurers to compare costs, coverage options and policy terms.
  • Check the financial strength: Assess the financial stability and reputation of the insurance company to ensure they can meet their obligations when you need to make a claim.
  • Understand the policy: Read the policy documents carefully to understand what is covered, any exclusions, waiting periods, and benefit triggers.

Find out how long-term care insurance could benefit you here.

Insurance agents and brokers

Insurance agents and brokers can help you find the best long-term care insurance. They can provide guidance on policy selection and help you find a plan that aligns with your financial goals. Working with an agent or broker can be particularly useful if you're not familiar with insurance terminology or want personalized advice.

  • Independent brokers: Independent brokers work with multiple insurance companies and can provide you with quotes and policy options from various insurers, allowing you to compare and choose the best fit.
  • Captive agents: Captive agents represent a single insurance company and can only offer policies from that specific company. While their options are limited, they may have in-depth knowledge about the company they represent.

Online insurance marketplaces

In recent years, online insurance marketplaces have emerged as convenient platforms to compare and purchase long-term care insurance. These platforms allow you to enter your information and preferences to receive quotes from multiple insurers, simplifying the shopping process. Get started here now.

Employer-sponsored plans

Some employers offer long-term care insurance as part of their employee benefits package. These plans can be an affordable way to secure coverage, as employers often negotiate group rates, making premiums more affordable than individual policies. However, these plans may have limited customization options and could be subject to changes if you leave your job.

Membership organizations and affinity groups

Certain membership organizations, such as AARP (formerly known as the American Association of Retired Persons), offer long-term care insurance to their members. These plans may provide special discounts or benefits to members, making them a compelling option for those who qualify.

Hybrid policies

Hybrid policies combine life insurance or an annuity with long-term care coverage. With these policies, you can receive long-term care benefits if needed or leave a death benefit to your beneficiaries if long-term care is not required. Hybrid policies can be purchased through insurance companies or financial advisors.

The bottom line

Purchasing long-term care insurance is a proactive step toward securing your financial future and ensuring you receive the care you need as you age. When deciding where to buy long-term care insurance, it's crucial to consider your individual needs, budget and preferences. But whether you choose a traditional insurance company, work with an agent or broker or explore alternative options, make sure to thoroughly research and compare policies to find the coverage that aligns with your long-term care goals. 

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