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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.
