Several types of private long-term care insurance are available, should the need arise. About three million policies have already been sold. Much less common are policies that cover a certain percentage of the costs associated with various services. A third type of policy pays a specific dollar amount to cover the actual charges for covered services received. Deciding on whether to buy long term care insurance, what kind, and from whom is a difficult task, even for an expert.
Few people have the expertise or are willing to take the time required to make a good decision.
Many people confronting this issue feel the need to reach out to someone else for help. Or you may not have given much thought to the matter but suddenly feel pressured to make a decision when a salesperson calls on the phone or comes to the door. In 1991, Consumer Reports magazine reported on the experience of a trained expert who posed as a relative of an older person seeking long-term care insurance. The expert listened to 14 sales representatives from nine of the largest sellers of coverage. The magazine reported that the investigative reporter heard lies, witnessed ignorance or deceit, and saw ethical standards violated and state laws ignored.