First, I want to thank all of you who have contributed to my posts concerning long term care. I have greatly appreciated readinig all of your thoughts and suggestions regarding this matter and have enjoyed participatiing in some of the discussions concerning longterm care. It is obvious to me that many of you are true experts on the topic.
I have shared that I am just an average consumer. A regular person who just was looking for information. I got lucky and landed on this forum and have learned so much. What I truly want you to understand is that after all of my reading on this subject and my discussions with you, I am just now truly understanding the nuances of longterm care and its policiess. Now maybe I am just not that smart and out of the norm, but I have got to tell you that I don't believe I am that far from the norm.
When you come into someone's home to discuss longterm care, I bet they may have some exposure to it due to a family member who should have had it but did not or they had heard about it from some friend and was looking into it. Even if they knew of it, they don't know all of the major components and how they work as far as price. I am sure you folks do what I experienced a full analysis of finances and assets, a discussion at some point of the need for longterm care insurance and then providing with the definition and understanding of benefit periods, monthly vs daily benefits, service days versus calendar days, inflation information, elimination periods, and benefit amounts. Of course, the ratings of the various companies with and what the ratings mean from Moody, A&M, Comdex scores, etc., etc., etc., have to be reviewed. This is all done usually in a sitting and after speaking with a couple of my friends, they like me were asked to make choices after the first meeting. Now, these choices are of course pending the health analysis that will come with the underwriting from the insurer.
That to me is a lot of information in one sitting. Then there are the apples to apples price comparisons between the different companies.
Of course once the policy gets there you have about a month or so to review it. Your agent may review it with you, but your head is spinning during that process with all of the exclusions and definitions and benefits.
ABSOLUTELY OVERWHELMING!!!
I know that for me after I bought the policy I still had some questions after I bought it. I understood what was told to me, but i still was not certain. I don't believe that average person does. I believe it takes time to fully understand. In fact, in all of my expertise as a teacher, I am sure after three of fours sessions with an agent, regardless of how good he or she may be, the average person does not have a full grasp of what they have bought. I believe they know they have a policy with certain benefits, but still have question marks.
Any thoughts on this or do you care?
I have shared that I am just an average consumer. A regular person who just was looking for information. I got lucky and landed on this forum and have learned so much. What I truly want you to understand is that after all of my reading on this subject and my discussions with you, I am just now truly understanding the nuances of longterm care and its policiess. Now maybe I am just not that smart and out of the norm, but I have got to tell you that I don't believe I am that far from the norm.
When you come into someone's home to discuss longterm care, I bet they may have some exposure to it due to a family member who should have had it but did not or they had heard about it from some friend and was looking into it. Even if they knew of it, they don't know all of the major components and how they work as far as price. I am sure you folks do what I experienced a full analysis of finances and assets, a discussion at some point of the need for longterm care insurance and then providing with the definition and understanding of benefit periods, monthly vs daily benefits, service days versus calendar days, inflation information, elimination periods, and benefit amounts. Of course, the ratings of the various companies with and what the ratings mean from Moody, A&M, Comdex scores, etc., etc., etc., have to be reviewed. This is all done usually in a sitting and after speaking with a couple of my friends, they like me were asked to make choices after the first meeting. Now, these choices are of course pending the health analysis that will come with the underwriting from the insurer.
That to me is a lot of information in one sitting. Then there are the apples to apples price comparisons between the different companies.
Of course once the policy gets there you have about a month or so to review it. Your agent may review it with you, but your head is spinning during that process with all of the exclusions and definitions and benefits.
ABSOLUTELY OVERWHELMING!!!
I know that for me after I bought the policy I still had some questions after I bought it. I understood what was told to me, but i still was not certain. I don't believe that average person does. I believe it takes time to fully understand. In fact, in all of my expertise as a teacher, I am sure after three of fours sessions with an agent, regardless of how good he or she may be, the average person does not have a full grasp of what they have bought. I believe they know they have a policy with certain benefits, but still have question marks.
Any thoughts on this or do you care?