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Long-term care insurance can be obtained from a number of sources

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We've previously discussed the importance of long-term care insurance as part of your overall retirement plan. The American Association of Retired Persons has a good amount of information about LTC insurance on its website. Amidst that information from AARP is a discussion of where people can go to obtain LTC insurance policies, many at discounted group rates.

Some companies offer LTC group policies or allow employees to obtain individual policies at group rates. In the majority of cases, you can retain your policy or switch to a similar plan even after you leave your company. Certain service and professional organizations also provide LTC insurance at group rates. If you opt for either of these choices, it's wise to find out what happens to your policy if you leave the organization through which you have signed up for the plan.

The most common way in which people purchase LTC coverage is through an individual plan. These are offered by insurance agents and brokers. Just know the person from whom you're getting the policy and ensure that he or she has the proper training to sell these plans and is licensed to sell insurance in your state.

As with any investment, which a LTC policy is, it is important to do your homework. Find out what is available through your workplace or memberships in organizations. Do some research on the insurance companies who offer the plans you are considering.

No individuals can predict exactly what their care needs will be as they get older. Unforeseen circumstances like long term disability and illness can occur at any age. The key is to have coverage that will allow you and your family to select the best care option for you if and when you need it.

Source:  AARP.org, "Understanding Long-Term Care Insurance" Aug. 12, 2014

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