State Farm Long Term Care Insurance Review


Rating: 8.6 / 10 (Excellent)
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How is State Farm rated?
9/10
Coverage
10/10
Benefit Limits
8/10
Customer Service
7/10
Cost
7/10
Financial Ratings
9/10
Reviews

Finding a State Farm office in your area should not be a problem since the company maintains a presence in almost every city in the country. Considered as one of the largest financial services today, State Farm enjoys an A++ Rating with AM Best Rating. It offers a 10 year maximum benefit option that makes it ideal for seniors suffering from long-term illnesses.

 

Premium

State Farm’s Long Term Care premiums aren’t exactly the cheapest but it does not qualify as the most expensive either. Comparatively, State Farm premiums are 50 percent higher compared to the cheapest similar feature plans from other companies.

Yearly premiums for inflation protected are more than double that of plans without protection. Long term benefits however come in terms of how much your plans reimburse the cost of care. Daily benefits for example without inflation protection double from $100 to more than $200.

Opting for an inflation protected policy might be an expensive decision at first but knowing that your insurance could cover future expenses is worth every extra dollar spent.

 

Plans Available

 

State Partnership

Yes

Individual

Yes

Group

No

Non-tax Qualified Policies

Yes

Tax qualified Policies

Yes

 

Types of care covered

Assisted living

Nursing home care

Hospice care

Adult day care centers

Home health care

 

Benefits

Waiting Period – 1, 3, 6 months

Maximum Benefit – 2, 3, 5, 10 years

Home Care – 100 percent cover

 

Financial Rating

A.M. Best – A++

(The company has demonstrated superior overall performance and has a very strong ability to meet its obligations to policyholders over a long period of time.)

 

Summary

State Farm Long Term Care insurance may not be the cheapest option but with solid financial assets policy holders could be sure that the company will be there to deliver on its promises. However, high premiums a major concern especially among seniors may keep them away from considering State Farm as an option.

 

 

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Latest Reviews

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J
James P
Overland Park, Kansas
3/10/2017
I currently have LTC through State Farm since Agee 55.. now 75. They continue to raise my premier each hear 30-40% and give no real reason other than...expenses....would like to know their income vs pay out on this one sector. I feel like they are trying to " run me out" with continued outrageous increases.... Just show me the numbers,etc....Thinking about calling my ATG in Mo and raise a complaint... I need information from State Farm but can't get a corporate number?