Prudential Long Term Care Insurance

Prudential Long Term Care Insurance

Prudential Insurance Company of America is headquartered in Newark, New Jersey. It was founded in 1875 under the Prudential Friendly Society. Prudential is currently one of the largest life insurance companies in the U.S. and was ranked 2nd on Fortune Magazine’s 2011 list of the “World’s Most Admired Companies.”

When deciding to purchase a long-term care insurance policy, always check the company’s financial status. A financially stable insurance provider is more reliable to provide aid when needs arise.

Prudential Insurance Company of America Financial Strength1

  • A.M. Best Company: A+ (2nd best out of 15 categories)
  • Moody’s: A2 (6th best out of 21 categories)
  • Standard & Poor’s: AA- (4th best out of 20 categories)

Prudential Insurance Company offers 2 main types of long term care insurance, namely facility care and home care. Facility care policies are ideal for nursing homes, assisted living facilities, respite and hospice care, as well as bed reservation. Home care policies cover personal home care, adult day care and homemaker services. These two policies make it easier for individuals to choose exactly what they need in regards to caring for their loved ones through an efficient and affordable policy.

Prudential Long-term Care Insurance offers various kinds of benefits for both facility care and home care policies. The following are some of the benefits you receive once you purchase a Prudential long-term care policy:

  • Home care daily benefits: Prudential offers daily payouts from $50 to $175 increments
  • Facility daily benefits: Amounts ranging between $50 and $5000 in $10 increments
  • Inflation protection in  the following categories:
    • Guaranteed Purchase Option- increases made every 3 years
    • Automatic Simple Inflation Benefit- increases made every year
    • Automatic Compound Inflation Benefit with 2X Maximum-increases made every year until the policy benefits reach twice the original policy benefits
    • Automatic Compound Inflation Benefit with No Maximum- increases made every year without limit to inflation rates
    • None- benefits remain constant and will not inflate
    • Home support services benefit: A lifetime benefit of fifty times your chosen facility and home care daily benefits to cover items that assist individuals who remain in the home.
    • Care management: Assistance in claims and benefits assessments
    • Lifetime maximum benefit

A Prudential Long-term Care Insurance policy also offers Alzheimer’s coverage and guaranteed renewable coverage, meaning that Prudential Insurance cannot in any way cancel your policy as long as premiums are paid. It also provides many other benefits including partner discounts, premium reductions at age sixty-five, shared care, private care consultant benefits, cash alternative benefits, and monthly benefit options.

Prudential Long-term Care Insurance policies are affordable and very flexible. Since long-term care issues can arise at any age, Prudential Insurance Company encourages individuals to purchase policies at an earlier age, thus allowing them to receive lower premiums. Such policies also provide a wide range of long-term care services, which helps individuals save their money.

Prudential Long-term Care Insurance protects policyholders from the inflation rates that can make health care more expensive for individuals. With projected increases in long-term care costs, as well as new technologies and methods, you should choose the best insurance policy that protects you from inflation in both home care and facility care. With some planning and consultation from a long-term care professional, you can decide if Prudential Long-term Care Insurance is best for you.

Start with a long term care insurance quote from Prudential Insurance, and begin a better life today.

1Current as of August 15, 2011