To choose a long-term care insurance company, begin by spending some time considering your expected needs and your planned retirement budget, and then look for a company that has policies that fit your needs and budget, suggests the Guide to Retirement Living Sourcebook. When you find a potential company, check its financial stability with a rating service, such as A.M. Best Company or Standard and Poor's.
Check with your state insurance department for the company's history and a record of complaints, as recommended by the American Association of Retired Persons. Try to find policies from at least three insurance companies, and compare them carefully to help ensure you get the best rates and benefits. Because long-term care is expensive and may increase in cost with inflation, make sure you understand whether your plan and benefits are tied to inflation or not.
Long-term care can refer to assisted living facilities, having a paid caregiver visit the home of a somewhat independent person or full-time nursing, among other things, according to AARP. Not all policies cover all types of care, so make sure the policy covers the services you may need. Consider having a lawyer and financial adviser review any potential policy to make sure it is worth purchasing. It may be more beneficial for some people to simply pay for their own long-term care out of savings and investments.