Wyoming Long Term Care Insurance

When you begin to investigate the complicated world of insurance, it can be time consuming and this is very true for those looking for Wyoming long term care insurance. However, there is a quick and easy 4 step process to guide you through the whole Wyoming long term care insurance maze. By following these steps you will soon be on your way to the perfect long term care insurance policy for your specific needs as a WY resident.

Step 1: Evaluate Your Need For Wyoming Long Term Care Insurance

Most people need long term care insurance to make sure they have control over their own care and have some choice in where they get it and who provides it. However, in reality many people are not in a situation to get it. In order to decide whether you should take out a long term care policy you should ask yourself these questions:

1. Do I want to prevent my loved ones for caring for me or paying for my long term care in case I need it?
2. Do I want to avoid being a burden on the state?
3. Can I afford the $35,000+ bill yearly for long term care?
4. Can I afford to pay premiums monthly for the rest of my life for long term care insurance?
5. Do I have assets worth protecting that I want to leave to loved ones?

When you’ve answered these questions, you will have the answer to whether or not you need this type of coverage. If you have no assets, cannot afford the premiums or can easily afford the cost of long term care, then you do not need coverage. If you want to protect your assets and keep your family and the state from having to care for you, then long term care insurance is for you.

Step 2: Decide On The Type Of Wyoming Long Term Care Insurance You Need

In purchasing your Wyoming long term care insurance policy, you will need to make some choices. Your decisions will affect your ultimate benefits, as well as the premiums you pay.

1. Benefit Period: The longer the period of time your policy will pay for care, the more expensive the premium will be. Most experts recommend a 3-year policy, because chances are very high that it will be sufficient.
2. Elimination Period: You must choose whether your waiting period before benefits kick in will be 0, 30, 60, or 90 days. During this time, it will be your financial responsibility to cover long term care costs.
3. Flexibility: Policies that only cover nursing home care may often be less expensive. However often people do not need that level of care, or want to remain at home as long as possible. By choosing a plan that is flexible and will cover home care costs, you may be able to maintain your independence longer.
4. Limits: You can choose to set the daily or lifetime maximum limits on your policy. However the higher they are, the higher your premiums will be.

Step 3: Get Prices On Wyoming Long Term Care Insurance and Compare

As with any major purchasing decision, the best thing to do is shop around and compare your options. This is very true with Wyoming long term care insurance. There is no standard policy that exists in the marketplace, therefore you need to get multiple quotes on different policies and compare both the prices and the plans.

The most effective way to get multiple long term care insurance quotes is by using our quote tool at the top of this page. It will provide you with the variety of quotes you need, in the most efficient use of your time.

You will only have to answer questions once, and the quotes will come to you in a neat presentation, easy to compare and contrast. You can even get quotes whenever you want them, night or day.

Step 4: Make The Best Decision About Wyoming Long Term Care Insurance

After you have gotten price quotes, you must wisely compare the policies you are being offered before you decide which Wyoming long term care insurance company you will use. There are many things to look for. Be especially careful if a price looks too good to be true or is not in line with the others. Be sure to ask these questions:

1. How flexible is the company in regards to changes in long term care options?
2. Are premiums tax deductible (ask if your policy is tax-qualified or non tax-qualified)?
3. How fast does the company pay benefits?
4. Do they pay providers directly or does the individual pay and then request reimbursement?
5. What are the daily limits on the policy? Are they sufficient?
6. Is there inflation protection on the policy?
7. Can you name a third party to be contacted in case a payment is missed?
8. How is eligibility for benefits determined?
9. Is the company licensed to do business in Wyoming?
10. How financially stable is the company (check out the companies rating with A.M. Best)?
11. How often has the insurer raised long term care insurance rates in the past?
12. Does the company offer good service?
13. Is there a premium waiver after benefits start being paid?
14. Are the nonforfeiture benefits good?
15. What is the underwriting process like?

There is no doubt that the final step of making the decision and weighing all the factors in long term care insurance is very time-consuming. However because this type of insurance is relatively new – about 30 years old and changes are common it is important to understand exactly what you are getting into. Many companies have already left this market and the ones remaining for the most part are very reliable.

Get Your Wyoming Long Term Care Insurance Quotes Now

With this simple 4-step process under your belt, you can now get the quotes you need to get started with comparing the different options. Simply return to the quote tool at the top of this page, answer a few questions and in no time you will have the information you need to make the best decision for you. Compare Wyoming long term care insurance quotes online now!