Worst Long Term Care Insurance Companies

Let’s look at the worst long-term care insurance companies.

Many consider long-term care insurance an essential requirement due to its later benefits in meeting all personal needs.

Now insurance is a multi-billion dollar industry rakes in billions yearly from premiums.

While the industry caters to the insurance needs of a wide range of clients, there are also risks associated with the insurance process. Such chances are mainly due to scams or sharp practices by some long-term care insurance companies.

Many unsuspecting people fall to the deceit of these companies as they pretend to be on your side, which in reality isn’t true.

To save you from such sharp practices, we’ve included details about the worst long-term care insurance companies to avoid.

  • About Long-Term Care Insurance

Before we disclose some insurance companies to avoid, we’ll first begin by introducing what long-term care insurance is about. This insurance policy helps pay for costs linked to long-term care.

For the most part, such long-term care insurance isn’t covered by Medicaid, Medicare, or health insurance.

With long-term care insurance, qualified persons get to enjoy coverage for in-home care, nursing home stays, adult day care services, and assisted living.

Avoiding the Worst Long-Term Care Insurance Companies

There are essential tips to follow to avoid falling into an insurance scam. These enable you easily identify the worst long-term care insurance companies.

Things to look out for include poor customer reviews, weak financial stability, and the inability to pay claims.

  • Poor Customer Reviews

Before patronizing a long-term care insurance company, it’s best to be attentive to customer satisfaction ratings. This gives a clear picture of the competence of the company and whether it can meet your needs or not.

The best places to check for such information include Consumer Reports or J.D. Power. It’s necessary to take your time to review such reviews as they clearly show what you’re dealing with.

Here, the experiences of clients help you determine how to proceed.

  • Weak Financial Stability

It’s always best to patronize long-term care insurance companies with good financial stability.

Insurance companies are in financial distress and could leave you high and dry without the much-needed coverage.

The best long-term insurance companies are certainly those that are financially stable. So, how does one know if an insurance company is financially stable or not?

There are helpful sources like Standard & Poor’s or A.M. Best to research these companies.

  • Inability to Pay Claims

Another fundamental requirement for weeding out the worst-performing long-term insurance companies from the good ones is by looking at whether they can pay claims or not.

There are ready and helpful resources to check for such information.

Long-Term Care Insurance Companies to Avoid

So you’re looking to avoid unreliable long-term care insurance companies?

To help you out, we’ve listed some of the most notorious ones. To better understand why you should avoid them, you must realize that daily benefits can be obtained in multiple settings.

These include nursing homes, hospice care, and Alzheimer’s special care facilities. Others have respite care, your home, assisted living facilities, and adult day service centers.

With that said, what are the long-term insurance companies to avoid? There are several.

They include New York Life, Mass Mutual, Torchmark, Conseco, AARP Long-Term Care Insurance, and Genworth Financial.

Other worse-performing long-term care insurance companies include Liberty Mutual, AIG, Unum, State Farm, and CalPERS.

  • New York Life

Apart from having one of the most expensive long-term care insurance policies, New York Life only offers some benefits which aren’t comprehensive coverage.

You’ll need to be qualified for its top-tier classification to be considered to enjoy full long-term insurance benefits.

  • Mass Mutual

Despite offering two hybrid long-term insurance policies known as CareChoice One and CareChoice Select, Mass Mutual still isn’t competitive in its pricing for long-term care insurance.

The company has since stopped offering long-term care insurance but still carries along those with a policy.

  • Torchmark

One of the reasons why Torchmark is considered to be among the worse long-term care insurance companies is because of its discriminatory practices.

There have been strong allegations about the company charging higher premiums for minority customers than Caucasian customers.

  • Conseco

Conseco is known for many sharp practices that aren’t favorable to clients. One of those includes delay, a ploy to avoid paying out money.

It’s one company you shouldn’t trust with your long-term care insurance needs as it’s likely to find ways around having to cater to your needs.

  • AARP Long-Term Care Insurance

While AARP may be a trusted name for guiding seniors on retirements and benefits, its long-term insurance product should be avoided as it’s cobranded with New York Life’s insurance product.

  • Genworth Financial

There has been a class-action lawsuit against this long-term insurance provider due to a steep increase in premiums by 150%.

Today, the company sells policies through direct-to-customer channels and employers. It’s best to avoid a company that has shown clear signs of sharp practices leading to mistrust.

  • AIG

AIG is one long-term care insurance company that has mistreated its clients for decades and gotten away with it. Many allegations have pointed to the sharp practices adopted by its executives to take advantage of clients.

  • Unum

This is a significant disability insurer that has earned a bad reputation for delays and denial of claims. Apart from its abuse claim, Unum’s CEO is known to have pocketed over seven million dollars in 2007.

To save yourself from stress, it’s best to avoid this insurance company altogether.

  • State Farm

State Farm is also among the worse long-term care insurance companies to patronize due to its many sharp practices.

One of them includes delaying the payment of clients as well as altering disaster reports on damages caused. Also, there have been forged signatures on disaster waivers.

None of the long-term care insurance companies mentioned above can be trusted. While these companies have been carefully picked, there are still more.

Your best bet for patronizing an insurance company is first to carry out background checks using the tips provided above.