Simple Ways on How to Save on Long Term Care Insurance
If you are reading this article because you need tips on how to save on long term care insurance, then that is what you are going to get. You can find here information about discounts and other ways to make long term care (LTC) premiums affordable and manageable.
For those having a dilemma on whether purchasing an LTC insurance is a good and smart decision, here is one convincing reason. LTC costs continuously soar annually. You can get a good advantage if you buy policies early. Actually, it is not just the price of insurance that escalates. The prices of monthly rates in various care settings and LTC services rise as well.
Now, here are some tips not just to save on money prior and upon purchase but also in the duration of the policy. First, it is important to find and deal with an insurance company that is financially stable. Do your research and be sure to do a background check. Look at their credit history and credibility. There are independent rating agencies that can help you decide on a particular family. Dealing with a good company will ensure you that your money will not be wasted and can really provide you the insurance you require.
Second is, once you found and decided on an insurance agency, the next thing you need to find is a good deal. Talk to agents and get advice from financial experts on how you can obtain a policy that will provide comprehensive protection at an affordable price. Each company will have different offerings so be sure that the company you have settled on also provide the best policy as compared to your other options.
Third, allot 7 percent of your income, or less for the premium of your LTC plan. With this, you can be sure that you can pay for it. Other expert suggests that in computing the percentage to be allotted, instead of using your current income, use your expected income in your retirement. This is because your future premium payments will be based on that income.
Aside from these three there are also others ways on how to save on long term care insurance. For those who are employed, you can ask your employer if a group policy is available and whether he can shoulder a portion of the premium, therefore lowering your payment. On the other hand, for those who have coverage from an existing life or annuity policy, you can inquire if LTC benefits can be added as a rider. This set-up can help you because through this, the insurance company can get operational savings which can be transferred along to you.
For married couples who are planning to purchase an LTC plan, try to consider joint policy since this can pay and provide coverage for both spouses. Additionally, anyone who is pondering on LTC insurance must also choose an affordable policy with the longest waiting period. Prefer a 90-day over a 30-day waiting period.
Here are just some of the simple ways on how to save on long term care insurance. You can consult a financial adviser or expert to help you land a good and affordable policy.
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