Keeping Long Term Care Insurance Premiums Cheaper is Possible

Keeping Long Term Care Insurance Premiums Cheaper is Possible

I understand the uncertainty of many Americans from planning long term care is out of their fear of losing their savings and the guilt of becoming a burden to their loved ones. Long term care insurance is expensive that's reality---but has become a crucial product to offset any financial disasters associated with this type of care. Although how costly LTCi is, there are several ways to make premiums a bit low but keep considerable amount of coverage.

Don't wait too long. Your age is a factor that affects the price of premiums. As you celebrate your birthday, the premium rises as well. The long term care insurance premiums are more costly as you age 65 and older, because your health may become worse and your body may turn out really frail

Consider Group Plans. Group plans can be purchased from your employer. It is usually 5 percent cheaper than individual policies. However, there are some limitations in group plans, it would be better to assess your needs first before buying this plan.

Shop Around and Compare Insurers. Understand that long term care insurance differs from one company to another. Don't keep yourself grounded in one company because there are other companies that may provide better coverage and much cheaper premiums. It is a rule of thumb of buying only from an established insurance company that has been around for few years and has proven financial background. There's no excuse from saying "It's not my fault because I didn't know the company was like that.." because you can simply get records of your potential insurer from your state's insurance department. You may also check the financial ratings at Standard & Poor's online from this website www.standardandpoors.com. Beware of companies such as Conseco and its subsidiaries Bankers Life and Penn Treaty that have been reported to allegedly denying claims.

Choose a Policy Paying Daily Benefits. Most LTCi policies provide daily benefits at a given timeframe. To determine exactly the appropriate amount of daily benefit, you need to know the rates of the facilities within your state to avoid winding up your finances. The average stay in nursing homes range from three to five years, thus it is not advised to purchase lifetime coverage.

Consider Elimination Period. The elimination period or deductible refers to the number of days the policyholder will pay for long term care services and then the insurer will pay next. A 60-day or 90-day elimination period is recommended to keep premiums manageable rather the longer waiting period. In determining the right elimination period, make sure you can afford the expenses on your own because the insurer won't shoulder any expenditure during that period.

Hedge your policy from inflation. Buying inflation protection rider helps your benefits increase at certain percentage to afford the escalating costs of long term care services. This rider can make your premiums pricier but its advantage is worthwhile.

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