How Much is Your Long Term Care Insurance Policy?
There are two reasons why you and the rest of uninsured individuals in the country are encouraged to buy a long term care insurance (LTCI) policy before you reach the retirement age. Perhaps you already know the first reason which is to gain access to quality long term care (LTC) services. The second is to cut down long term care insurance costs.
If you buy your policy while you’re young and healthy you can haggle for the best price but if you would consider it later when you’re past the age of 65, your coverage is likely to be rated. That’s because the underwriters of LTCI companies are very particular about an applicant’s health condition and age.
If a firm sees that you are at risk of higher levels of care anytime soon then it will surely subject you to a higher premium rate. But if your age and health are not perilous to the company you can look forward not only to standard policy rates but big discounts, as well. LTCI companies have learned from their past mistakes and so they do not just issue policies with very low premium rates. They take ample time to study each applicant’s health condition to be certain that the premium rates they are charging are appropriate.
Apart from good health discounts, insurance companies also offer spousal discounts so if you are married you and your spouse should consider inquiring about a potential joint LTCI policy wile both of you are still physically fit and your cognitive skills are still intact.
Long Term Care Insurance Costs
There are married couples who keep postponing the purchase of a joint LTCI policy because they want to avoid years of premium payment. They think it’s logical to buy a policy later at the age of 70 if they are anticipating care at 85 because it would only take them 15 years to pay their coverage.
Unfortunately, many individuals who bought their policies at a later age ended up paying more in premium and receiving a very small amount of coverage because when they applied the company’s underwriter detected a change in their health. Bear in mind that apart from age and one’s state of health, insurance companies also take note of an applicant’s built.
Mind you, some people have been declined by insurance companies just because their bodies leaned towards the heavy side. Companies usually perceive this as the first phase of obesity, a health disorder which can later branch out to very serious maladies like diabetes, heart attack, and high blood pressure among others.
Now don’t think that LTCI carriers are completely inconsiderate because the truth is they can give an individual with a pre-existing condition a standard coverage rate if they see that he can manage his medical condition very well through regular checkup, prescriptions and the like.
People should not worry that long term care insurance costs might drain their resources because that is the job of LTC costs. If you’re 50 or younger you can easily clinch a policy with an annual premium of $1,000++. Find out how to do this by sitting down with your licensed LTCI specialist.
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