Never Too Early to Request Long Term Care Quotes
Long term care insurance (LTCI) premium rates are based on the age of people at the time they actually apply for their policies. The younger they buy their policies the smaller their premium will be. Given this fact, it is important to request long term care quotes before the retirement age as this will guarantee low-priced LTCI coverage.
Insured individuals who managed to buy their LTCI policies before the age of 60 are now paying an annual premium that is only a little over $1,000, while policyholders between the ages of 65 and 75 are struggling to maintain $2,500 to $4,000 every year.
The reason older LTCI policyholders pay more in premium is their ineligibility for good health discount, the much coveted offering of LTCI companies. One has to be in perfect health if he wants to avail this special discount and if he’d be lucky to obtain it, he will never lose it even if his health starts to change in the future.
Americans who wait to turn 60 before purchasing their policies are not only at risk of paying a higher premium, they also have to face the bitter truth that the value of benefits they will be receiving from their policy will be much less than what they are hoping for.
Everybody who does not have an LTCI policy yet should start requesting LTCI quotes from various LTCI carriers and then study each carefully. By doing so they will eventually be able to figure out which type of LTCI policy will suit their future health care requirements and budget.
Ideal Age to Request Long Term Care Quotes
Some LTCI specialists advise consumers to look into their LTCI options once they turn 50 or 55 but many 50-year-olds these days are found to have pre-existing medical conditions. You are better off requesting your quotes at a younger age such as 45. According to the records of LTCI specialists, 65% of 45-year-old applicants managed to lock in the good health discount. Unless you were born with a congenital disease you are likely to qualify for this special discount, too.
Now before asking your agent to help you request LTCI quotes from the major carriers, there are important things that you have to accomplish. One of them is to find out the cost of care where you live because the amount of coverage that you will receive from your LTCI policy should conform to the cost of care in your area.
Once you have figured out the LTC cost in your place, visit your doctor to determine the level of care that you will likely require in the future. Your doctor will naturally look up your family’s health history, too, as this vital information will be used by your LTCI specialist in processing your request. Do not conceal any health-related information because even if you succeed in keeping it from your agent, LTCI carriers have their means of finding out. If they discover that you’re hiding relevant information they can reject your application.
Upon receiving your long term care quotes study each carefully and take note of the essential components such as the coverage amount, benefit period, inflation protection, and premium rate. Remember that LTCI companies always give young people a choice so use this opportunity to plan your future correctly.
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