Although long term care insurance prices vary, affordable rates are available all over the country through insurance companies that specialize in insurance for the aged. Following are money saving ideas when buying long term care insurance so that you get the best coverage at the most minimum price.
Buy Long Term Care Insurance Early
Did you know that insurance premiums are based on your age? The best way to reduce overall long term care insurance costs is to buy while you are still young and healthy. Long term care insurance premiums rise significantly with age and the earlier you buy a LTC insurance the lower will be your cumulative insurance premiums. Don’t let the increasing cost of health care affect your life in your later years. Go online and request for your free long term care insurance quotes. Now, you can prepare for a long and healthy future by finding an affordable plan that fits your needs and requirements.
Take Advantage Of Group Insurance Bundles
Talk to your manager or hiring officer and ask if they offer Long Term Care insurance to their employees. Many companies today are including long term care insurance plans to their employees’ benefits. Just be aware that group policies have significantly reduced benefits or non-standard qualification criteria. Executive carve-out policies are almost the same as the standard individual policies, however, with 10-15% premium discounts.
Customize Your Long Term Care Insurance Policy
When purchasing long term care insurance, you can talk to your insurance provider about customizing your plan. By opting to co-insure part of the cost of care you can reduce the cost of your premium. In addition, by lowering your daily benefit by 20%, you can lower your premium as much as 20 percent. Opting for a 4 year policy rather than 6 year can cut long term care insurance rates as much as 15-30% per year.
Choose A Longer Elimination Period
The time period between an injury and the receipt of benefit payments is known as elimination period. This is a common term in insurance policies. You can opt for a longer elimination period if you want to save money. By increasing your elimination period from 0 to 90 days, you can save as much as 10 to 15% per year.
Plan Your Insurance Payment Scheme
Ask your insurance provider about their payment schemes. If you want to save as much as 8% a year, choose to pay annual payment rather than monthly. You can a specific date which will be day you will pay one lump sum of your premium. Usually, the carrier will send you a premium notice so that you will not forget.
If you will get insurance quotes online, you will notice that long term care insurance costs do vary. If you want to save on your premium, consider the tips above. You can also talk to a reputable insurance provider who can help you find a policy that is not just affordable. But, also represents the best value for your age and health condition.