In addition to prices for different coverage types and combinations, the rate guides provide information on each insurer's financial strength, complaints and 10-year rate increase history. Unlike auto, homeowners and Medicare supplement insurance, long-term care policies are not standardized. To get realistic rate comparisons, TDI's Consumer Protection staff established 18 common coverage scenarios and asked companies to price each of them. Tax qualified plans allow policyholders to deduct premiums as medical expenses on their federal income tax returns, up to a specified amount. Policies embodying each scenario are priced at nine different ages from 40 to 80.
Premiums vary widely, underlining the importance of careful shopping.
For example, Sample Policy 8 is a tax-qualified plan that pays for either a nursing home stay or home health care for up to five years.