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Ways to Minimize Costs of Insurance for Long Term Care
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Tags: Long Term Care Insurance
Here are some of the basic ways to minimize the costs of insurance for long term care.
| | Purchase a policy while you’re younger. |
| | The premiums of long term care insurance escalate as you age. The older you get, the higher the costs become, and even make it harder for you to get an insurer. This is because the risks that you’ll use it become much greater. It’s wise to invest in a secure retirement by paying as much as you can into an insurance policy, while you’re still young and generating a steady income. |
| | Choose a shorter benefit period, instead of a lifetime policy. |
| | Based on the study conducted by American Association of Long-term Care Insurance (AALTCI), an independent organization of long-term care insurance professionals in the U.S., a 3-year benefit policy is adequate enough for most Americans. Their research also reveals that only 8% of people, obviously a small percentage of the population, needed coverage for more than 3 years. By opting for coverage for 3-5 years instead of a lifetime, you will be able to save a great deal of money in insurance premiums. |
| | Make your waiting period longer. |
| | Having a shorter elimination period means paying much more expensive premiums. Most long term care insurance policies have a waiting period before coverage starts, usually ranging from 10 days to one year. The longer you make the waiting period, the cheaper your premiums will be. However, this means you will have to shell out the expenditures for the initial 30, 60, or 90 days of care. Opting for a 90-day elimination period can reduce the costs significantly. |
| | Get a shared benefit policy. |
| | This type of policy gives you the ability to utilize your spouse’s or partner’s benefits when your own has already been depleted. This means getting more coverage for less money spent. For instance, if you buy a 10-year policy of insurance for long term care, you will have a total of 20 years between you and your partner. If you use eight years of the policy, your spouse will get 12 years of coverage. |
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