3 Ways to Save On Long Term Care Insurance Premiums
The high and expensive long term care insurance premiums is an open fact to the public and this somehow becomes one of the top reasons why some consumers are having a hard time deciding if they are going to purchase an LTC plan or not.
The LTC costs make the citizens think twice before they decide to get their own insurance policies because they are afraid that their basic necessities may be compromised or sacrificed once they start paying for their monthly premiums.
Maybe you can blame the financial turmoil that the country has experienced several years ago as to why they are cautious and careful on how and where they spend their money. The public is just making sure that they would have enough savings to be used whenever they once again face economic difficulty.
Sadly, LTC plans should not be one of those things that must taken aside because an individual has a bigger chance of maximizing his benefits if he purchased his LTC insurance beforehand.
Aside from the fact that he could be granted cheaper and more affordable LTC rate sand monthly premiums if he availed his policy at a young age, he can also be given the highest level of inflation protection applicable to him. This is reason enough for the public to consider planning and buying their policies now.
This may be unknown to some, but there are actually some ways of how one can prevent himself from paying more expensive LTC costs and premiums. Once he is able to know this, then he can help himself and eventually decide to choose the option or policy type that would address his needs and concerns.
Some of the possible ways to save on long term care insurance premiums are as follows:
1. Choose shorter benefit coverage period. — Benefit coverage period is the duration wherein the insurance provider would cover all the LTC services and facilities that the insured person has incurred. The average benefit coverage period usually lasts from three to five years but those who have more serious health conditions might require longer or a lifetime worth of benefit coverage, which would also mean they have to pay for higher policy premiums.
2. Avail longer elimination period. — Also known as waiting period, the elimination period of an LTC plan refers to the number of days that the policyholder has to pay for any LTC services that he will use. Although having longer elimination period means cheaper premiums, the individual must make sure that he can pay for his LTC expenses during this duration because his insurance provider would only start covering his expenses once the waiting period is satisfied.
3. Get lower daily benefit amount. — Choose a benefit amount that would be enough to pay for your needed LTC facilities but again, your LTC and other medical needs should not be compromised.
Different insurance providers may even have other additional preferences or conditions where they can grant more favorable long term care insurance premiums to their clients. It would be best to contact your insurance company now and discuss the matter thoroughly so that you could decide and choose the best package for you.
Read more tips on long term care planning at CompleteLongTermCare.com. Free long term care quotes are also available upon request.
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