Having insurance is a good choice to make, but selecting the right provider is even more critical. The wrong insurance provider may not provide the full coverage you or your loved one need when the time comes.

In the case of long-term care insurance, the proper insurance assistance can be very instrumental in receiving the proper care. There are a few important traits to look for in a plan.

Financial stability and rates

There are several long-term care insurers in the state of New York. In selecting the proper plan for you, it is important to consider the total financial impact. This not only includes the upfront rate, but also the possibility for fluctuations in that rate. Well established companies with a strong financial standing may provide the greatest stability. As a government program, Medicaid long-term care is also quite stable; however, it is important to note that it is not the same as a regular long-term care insurance plan.

Care commitment

Just as you want a care provider committed to your well-being, you should seek to find an insurer with the same mentality. If an insurer has a good track record with previous insured parties, this can provide some assurance that you may enjoy your experience as well.

Plan acquisitions

If for some reason the insurer goes out of business, what happens to your plan? With large, well-established companies that have been in the industry for years, there are slim chances of this occurring. However, it is still a good idea to be vigilant of this possibility. In some cases, the policy may include a clause that states your plan will be honored in the case of an acquisition. This can help to provide some peace of mind.

Keeping these aspects in mind can help you in selecting a quality long-term care insurance plan. In general, it is a good idea to make sure that you fully review your plan and understand both what you can expect from your insurer, and what your requirements are, to keep your plan in proper standing.