How Long Term Care Insurance Premiums By State Vary
Although the LTC services and facilities that are being offered throughout the country are all of best quality, there is still some discrepancies when it comes to the costs of long term care insurance premiums by state. Those who already own an LTC plan and considered spending their policy benefits in a new area or location would definitely be more familiar with this.
Some people may be surprised to know that the LTC rates in the country are not all the same even if the LTC insurance policy was purchased from the same insurance provider. This is the reason why it is strongly recommended to inquire and know the costs and rates of the facilities in the certain area that an individual wishes to receive his insurance policy’s benefits.
The LTC rates of the nursing home or adult day care facility that he prefers would directly have an effect on the amount of his monthly premiums so if he plans and prepare early for his LTC plan purchase, he may still have time to re-consider the state or area where he would use it, and choose one that provides the same services and facilities but still costs less.
According to some 2011 surveys about the costs of long term care insurance premiums by state, Alaska and Connecticut are among the states that have the most expensive nursing home rates. A private room in a nursing home in Alaska amounts to almost $250,000 a year while a resident of Connecticut may have to pay for at least $150,000 a year if they want to stay in a private room in an adult day care facility in that area.
On the other hand, the states of Alabama and Arkansas offer the cheapest annual costs of private rooms in its nursing homes last year, which amount to $70,000 and $60,000, respectively.
Aside from the rates in the nursing homes, the insurance companies that sell LTC plan in each state also have other factors that affect the costs of a particular insurance plan that they give to the policy applicants. Different insurance companies may have different considerations but the following are the most common factors that they contemplate on:
1. Age of the LTC insurance policy applicant.
2. The individual’s present health condition as well as the medical background of his family members.
3. The number of days of his preferred waiting period, also known as elimination period, and how long his benefit coverage period will be.
4. The type of LTC insurance plan that he will purchase will also affect the premiums of his policy. Depending on what type he would buy, he may be given a reimbursement of the services that he incurred for a certain period or receive the whole or full amount of his plan even if he was not able to use his entire policy’s benefit amount.
In order to gain more information regarding the long term care insurance premiums by state, an individual who wants to get his own LTC insurance plan may set an appointment with his insurance agent and discuss the other ways and options wherein he can avail more affordable premiums and rates.
Research and compare long term care quotes at CompleteLongTermCare.com. Study your options when it comes to long term care planning.
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