Saturday, October 27, 2012

Long Term Care Insurance Costs: Saving on Premiums

In today's guest post, Nann Witt, a long term care (LTC) expert who handles the LTCIGuru channel on Youtube will help our readers know how much should they expect to pay for services and what are the ways to save on premiums.

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Long Term Care Insurance Costs: Saving on Premiums


Long term care insurance costs should be considered before buying an insurance policy.  The rates are quite high and not everyone can pay for it.  The prices in each state vary greatly.  For those who want to save, it is advisable that you research and compare first. One state may have more expensive rates than the others.
Additionally, there are other factors that can affect them.  Usually, a long term care quote form may ask for information such as age, gender, existing health conditions, exact state, location or area preferred to receive care.  All these can affect how much a person will pay for his future health care.
The cost of LTCI increases annually.  Buying a plan early can help one save on his premiums for about 10 to 12%.  When one is younger, he is likely to be healthier and the chances of getting underwritten and receiving approval are higher.  Delaying purchase may just put more strain on the financial sources of most families.  Buying today can make a significant difference.


There are other ways to save aside from early purchase. One is getting familiar with available discounts. Strong body and mind can help a policy buyer avail of good health discounts.  Married couples and partners are entitled to spousal discounts which can save them about 15% to 40% annually.  There are also group discounts for those whose employment can make him eligible for coverage.  For those who may not be entitled to discounts, there is still the Partnership program.  Individuals can save on long term care by protecting their assets from Medicaid’s spend down requirements.  Each state has their own rules when it comes to this program.

Those who are thinking of buying plans should gather resources first on LTC specially long term care costs.  It would be better to consult financial experts like financial planners, long term care experts, and insurance agents on the various ways to effectively handle the costs and save on long term care premiums.  The LongTermCare.Gov website is also a helpful and useful resource for additional information.







Thursday, October 11, 2012

How to Know If You Need Long Term Care Insurance

A lot of people still lack information on what long term care (LTC)  is.  Additionally, people often misunderstand the products that provide coverage for specialized custodial care.  Below is an informative video that can help you determine if you should buy LTCI.

So, who needs long term care insurance?  The answer is below.





Now that you already know the answer and is already considering of getting a policy, the next thing you might be concerned about is the cost of such policies.  Getting free quotes can help you compare and save on prices.  Check out free long term care quotes.