Long term care insurance is very important. However, it's also very expensive. The cost is one reason many people argue about the wisdom in getting. But with the following tips you should be able to get yours without spending too much. Here we go...
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 to buy their policy through them.
Look for any opportunity out there for a group long term care policy. It will save you a lot. However, make sure it's been 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 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 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.
While you do your best to take advantage of the above three tips don't forget to get and compare long term care insurance quotes from five or more quotes sites. It will save you a lot. And, as you do this make sure you don't only look at price also consider the details of the policy and the rating of the insurers in question.
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