This report will not recommend a particular policy or insurance company. Nor will it recommend the appropriate premium you should pay based upon your income or assets. Instead, this report, along with other publications that can be provided by the Partnership, will assist you in determining whether long-term care insurance is appropriate for you, and if so, what considerations you should take into account in choosing the best policy for you. By following the steps below, you will become an informed consumer on long-term care insurance. Choosing a policy will be an involved process that is worth the time you invest. Always remember that you, not the State, your agent, nor a volunteer, must make these decisions.
The following steps will help guide your decision-making process. Trained volunteers are available to assist you.
1. Review "A Shopper's Guide To Long-Term Care Insurance", which is available from insurance agents, public libraries and the Connecticut Insurance Department. The "Shopper's Guide," updated annually by the National Association of Insurance Commissioners (NAIC) reviews what to look for in a policy and how to find good advice.
2. Choose benefits and features that meet your needs.
3. Compare policies using this report and by talking to agents who can provide you with the policies that meet your needs.
4. Review total cost of premiums, deductibles and co-payments (see Section 7 of the Policy Comparisons Report).
5. Choose a policy that meets your needs (adequate asset protection, and appropriate benefits) at an acceptable cost.
Section 1 - Overview
Section 2 - Required Policy Features
Required features that must be offered in each policy. As such, these features are the same in each policy.
Section 3 - Other Practices
Required insurance company practices that are the same for each company. Other practices that are common among the companies, but are not required are also included.
Section 4 - Tax Qualified Policies
Discussion of policies designed to meet the criteria to be considered "tax qualified".
Section 5 - Standards of Excellence
A listing of which voluntary standards are met by each insurance company.
Section 6 - Comparison of Policy Features
The major benefits and features of each policy are compared.
Section 7 - How Much Will Premiums Cost?
A discussion of what factors affect the cost of premiums, along with sample premiums.
Section 8 - What Are the Relevant Costs?
A discussion of the importance of comparing all relevant costs of long-term care rather than just comparing premiums.
Section 9 - Participating Companies
If you would like to download a printed copy of the Policy Comparisons Report, please click on the following https://portal.ct.gov/PDPD-HHS-Long-Term-Care/Advisor/Partnership-Advisor-Publications and choose the selection for "Policy Comparisons Report".
To order a printed copy of the Policy Comparisons Report, please call 1-800-547-3443 (toll-free in Connecticut - from out of state call 860-418-6318) or email your request to OPM.CTPartnership@ct.gov.
For more information contact: