Long Term Care Insurance -- Time-Tested Ways To Save Much With Sufficient Coverage
Long term care insurance is a very important but expensive policy. Won't you like to pay far less? Here are tips to help you achieve just that...
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1. Like for every other insurance policy out there, you'll get better rates if your employer offers long term care benefits through a group policy. This option saves you in that your employer might likely bear part of the cost. Furthermore, insurance companies usually offer groups some discounts in order to attract more members of such organizations.
Look for any opportunity out there for a group long term care policy. It will save you a lot. However, make sure it's offered by a company that's been around for sometime and is financially stable enough to last for a long time to come. This is important because it may take a few decades before you file a claim.
2. Some life insurance policies or annuities allow you to add long term care benefits as a rider. Check if yours allows this. If you've yet to buy any of these then it will make sense to ensure you only buy a life insurance policy or annuity that either has long term care as part of it or allows you to add it as a rider.
Why does this result in savings? It's simply because it's cheaper for an insurer to combine both in a one policy than to offer both as individual policies.
3. Just as a higher deductible will reduce your rate for other insurance policies, a longer waiting period will help you pay a lot less as long term care insurance premium.
If two people of exactly the same profile choose exactly the same coverage amount with the only difference being the waiting period, the person with the longer waiting period will get a lower rate. For example, let's say the first person chooses a 30-day waiting period and gets a premium of $3,000. If the second person chooses a 90-day waiting period, he/she would pay about $2,100 or 30% less.
But as you take advantage of this opportunity to save, remember that you'd have to make plans to take care of your long term care expenses for the chosen waiting period.
4. For those who are married, you can pay a lot less for long term care insurance if both of you buy one joint policy. With a joint policy you'll get paid if either or both of you require long term care. However, while shopping for this knid of policy do double diligence and ensure the needs of both of you are well covered in the details of the policy.
Other things that will affect your long term care rate...
1) Your BMI
2) Smoking
3) Alcoholism or Drug Abuse
4) Multi-policy discount
And whatever you do, don't forget to get and compare quotes from a wide range of insurers. This will save you thousands of dollars.
Start enjoying cheaper rates NOW. Start getting and comparing quotes. The box below is a good place to start. It's free and will take you just a few minutes...