Believe it or not, your first stop in your search for Long Term Care Insurance should not be the scary brochure that arrived in the mail with horror stories of how much you could lose if you ever need care.
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The need to plan for extended care is urgent, but there is a lot to consider before you take out the check book. The best plans begin with you, your family and a qualified agent who can help you analyze your current situation. Such an agent (who may or may not be actually certified in Long Term Care) will begin by discussing your plans and needs with you and, if possible, your family–at least those who intend to participate in your care in the coming years.

The best LTCi provider will not come to you through the mail, nor will they simply leave you with a generic quote via the internet. That being said, the internet is still a great place to start as you can enter minimal information and be placed in contact with a company that works in your area. If you have a disqualifying health condition, the fact that you are not qualified can be revealed to you immediately, saving both you and an agent valuable time.

Once you decide that looking further is in your best interests, you want to choose a company agent who will sit down with you in a private setting and help you analyze your own situation.

First, if you are receiving any type of low income health coverage such as Medicaid, you are not eligible for LTCi insurance, so most agents will establish your current health coverage before getting into any kind of plan.

Second, you need to talk about your health. You need to be in reasonably good health (although not necessarily perfect), as cancer, heart disease and other chronic conditions such as diabetes can also have an impact on the amount of insurance you can purchase. Your physical qualifications will have direct bearing on the rest of your planning.

Third, if you qualify physically, you need to think about your preferences for LTC. If you were unable to care for yourself, would you be able to receive care in your own home? This is not a matter of desire so much as one of practicality. For example, if you have a lot of stairs in your home, or if you live in an isolated location or a long way from family, staying at home may simply not be practical. Would you want to be in a family member's home, or would you prefer the independence available in an assisted living facility. If you need constant care, what nursing homes in the area have the best reputations and the most effective programs for custodial or intermediate care? There is a lot of information involved in serious planning; a good agent will not try to collect it over the phone, nor will he/she offer you policies without talking about your own plans.

Finally, having established that you may be eligible (company underwriters, not the agent, make the final decision), it is time to decide how you will fund your plan. LTCi, is the best and actually the least expensive in the long run for most eligible people, but most companies have several variations with several types of riders. Knowing your family history and having an understanding of your own needs and desires will enable an intelligent agent to tailor a plan that fits you and your family.