Three Ways to Help You Save on Long Term Care Insurance Premiums
Some people say that they don’t want to bother getting long term care insurance policy because it is so expensive unlike the other types of insurance such as health and life insurance. So what they do instead is save a portion of their salary and keep it for their retirement funds. But little do they know that when they grow old, retire, and suddenly become incapacitated, LTC costs can exceed what they have saved for retirement. So yes, premiums for an long term care insurance policy may seem expensive now, but getting one will be worthwhile once the need for long term care arises.
If you are thinking the same, putting off getting a LTC insurance policy because of its high premiums, well here are some ways to help you save on long term care insurance premiums. One, you should buy your policy early. Just like in buying other types of insurance, your premiums are based mainly on your age. The older you buy, the higher your premiums will be. So make sure you are aware that you do not save on premiums by waiting. The earlier you buy a policy, the lower your cumulative insurance premiums will be. Two, buy one while you are still in good health. This will save you by as much as 150% on premiums. So again, waiting won’t help you save on premiums, while you’re still healthy, be sure to get a policy. And three, if you are married, you can get as much as 10% to 35% discounts annually if your insurance company offers spousal discounts. Make sure to ask your insurance agent about this.
So are you still having doubts getting an LTC insurance policy because you think the premiums are expensive? There may be some additional ways for you to reduce annual premium payments. It is important to discuss your particular circumstance with a long term care insurance professional. Premiums can vary greatly from policy to policy and company to company. The first step to determining what long term care insurance premiums may be for your situation is to identify the policy that offers the features and benefits that will allow you to accomplish your long term care planning goals. Once your LTC goals have been established and well-trained LTC insurance advisor will be able to provide you with a proposal comparing different long term care insurance companies that should take care of all your needs.