Save Money When Purchasing LTC Insurance 

As with making most any purchase, there are ways to save money when selecting a Long Term Care Insurance policy.  Following are some of the best ways:

SHOP AROUND.

Because premiums vary greatly from company to company, be sure to get quotes from at least three different carriers.  At LTC Tree we represent most of the major Long Term Care insurance companies, and we regularly note differences in rates from company to company.  These differences range from 15% to 65% in premiums for basically the same policies.  In order to receive objective advice regarding these differences, it is helpful to work with a broker who represents all the LTCI companies.

DECIDE WHAT BENEFITS MEET YOUR NEEDS.

Before committing to a Long Term Care insurance company, be sure to find out what policy features and benefits meet your needs. 

CONSIDER LONGER ELIMINATION PERIODS.

The elimination period is your policy's deductible.  The longer the elimination period, the lower the premium will be.  Keep your premiums down by choosing a longer elimination period.  The most economical deductible and the best balance between too long and too short is the 90-day elimination period. 

TAKE ADVANTAGE OF SPOUSAL AND DOMESTIC PARTNER DISCOUNTS.

Most insurance companies offer a discount for a husband and wife applying for coverage at the same time.  Some LTCI companies offer partner discounts for gay and lesbian couples as well.  Spousal discounts and other tips can be found in this blog article. 

COMPARE COMPOUND INTEREST AND SIMPLE INTEREST INFLATION PROTECTION.

Any person applying for Long Term Care Insurance under the age of 74 should strongly consider either a compound interest or a simple interest inflation protection rider.  The inflation protection rider keeps your benefits in pace with inflation as you age.  If you are approaching the age of 74 and find the compound inflation rider is too expensive, consider the simple interest inflation rider instead.  Keep in mind that the cost of health care generally rises faster than overall inflation.

PURCHASING SOME BENEFITS IS BETTER THAN PURCHASING NONE.

Suppose the cost of Long Term Care is $170 a day in your area, yet you can only purchase a policy that covers $120 per day.  While the policy that covers 100% of the cost is the best, a policy that covers $120 per day would certainly be better than no policy at all.  In fact, $120 per day would still cover the majority of cost.  

TAKE YOUR TIME. 

Taking your time and doing your homework before purchasing Long Term Care Insurance can save you hundreds, if not thousands, of dollars on premiums.

FIND OUT ABOUT LTC PARTNERSHIP. 

A final item to check on is whether or not you live in a LTC Partnership state.  Click the following link to see if you live in a Long Term Care Partnership State.

Saving you money on the purchase of your Long Term Care Insurance policy is one of our major goals at LCT Tree.  Another goal is bringing you peace of mind.  Once you have your Long Term Care Insurance policy in place, it will be one less thing you have to worry about when your head hits the pillow at night.