RICHMOND — Virginians considering long-term care insurance coverage for themselves or their parents now have a useful new guide from the State Corporation Commission's Bureau of Insurance. Although such coverage may not be for everyone, long-term care insurance may be an attractive form of security for some people.

The Bureau's new Virginia Long-Term Care Insurance Rate Guide is a free consumer tool to facilitate comparison shopping for long-term care insurance. It provides basic facts about long-term care insurance in Virginia and lists prices charged by more than 20 companies writing long-term care coverage in Virginia. It also includes the companies’ telephone numbers, most of which are toll-free.

Choosing a long-term care insurance product is an important decision, but it can also be a complicated one. Because long-term care insurance rates and benefits vary widely from one insurer to another, the Bureau of Insurance encourages consumers to compare prices with at least three different companies before making a decision.

To shop effectively for long-term care insurance, consumers should evaluate their particular circumstances and financial goals to determine if this coverage is right for them and how much and what type of coverage they will need. It is important to understand the differences between available long-term care insurance products and the diversity of premiums and services offered by various companies. Virginians can weigh these insurance products against alternatives such as savings accounts or other investments that could be used to take care of expenses should long-term care be necessary.

Consumers can request free individual copies of the Virginia Long-Term Care Insurance Rate Guide, as well as A Shoppers Guide to Long-Term Care Insurance by calling the Bureau of Insurance toll-free at 1-877-310-6560 or in Richmond at (804) 371-9092. Consumers who are hearing or speech impaired may call through the SCC’s Telecommunications Device for the Deaf and hard of hearing (TDD) at (804) 371-9206. Consumers may also find the Virginia Long-Term Care Insurance Rate Guide and additional information about long-term care insurance on the Bureau’s website at www.scc.virginia.gov/division/boi.

The website includes a list of all of the long-term care insurance companies licensed in Virginia, as well as Facts About Long-Term Care Insurance in Virginia, a Long-Term Care Insurance Personal Worksheet, Things You Should Know Before You Buy Long-Term Care Insurance, a Long-Term Care Insurance Suitability Letter, and a Potential Rate Increase Disclosure Form.

The Bureau of Insurance also offers free consumer outreach programs on a number of insurance topics. Speakers will talk to your group or organization on the insurance topic you choose, and will try to answer any general questions you have about insurance. For more information, please contact the Bureau of Insurance at the telephone numbers listed above or contact the Bureau’s Life and Health Insurance Outreach Coordinator, Olivia B. Claud, at (804) 371-9389 or by e-mail at LHOutreach@scc.virginia.gov.

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