worst long term care insurance companies To help you make an informed choice, we rate insurance companies using six standard criteria that come from common issues about long-term care insurance providers. This method helps us get a good picture of how well they work and how reliable they are.
Not Good Customer Service
A lot of people who have had bad experiences with bad long-term care insurance companies say that their worst trait is bad customer service. Here, we’ll look at companies whose customer service offices rarely answer the phone or help customers.
Claims Process That Is Hard
Another common problem is a claims method that is hard to use. In this part, we’ll talk about companies that make it too hard for consumers to file claims, which delays them getting much-needed care.
Putting up premiums
Unpredictable and rising rates can put a lot of strain on members’ finances. We’ll talk about companies that are known for raising rates without warning, which can catch customers off guard.
Not Strong Financial Stability
It’s important to find a financially stable company when you’re looking for long-term care insurance. If a company is close to going out of business, you shouldn’t buy an insurance from them. You don’t want to be without insurance when you need it the most. You can find out about a company’s financial health by looking at its rating from a third-party organization, such as A.M. Best or Standard & Poor’s.
Bad Reviews from Customers
The company’s customer happiness scores are the best thing to look at. You can look these up on places like Consumer Reports and J.D. Power. It is very important to pick a company that has good ratings in this area. These people will be part of your team for a long time, so you want to make sure they’re easy to work with.
Not Being Able To Pay Claims
Lastly, don’t forget to check how well the company pays claims. This shows how likely it is that they will pay a claim. You can find this information on the website of the National Association of Insurance Commissioners.