Save On Long Term Care Insurance Premiums: Know The Chances

Although the number of insured individuals are still lower compared to those who still have to avail an LTC plan of their own, more Americans are still interested and are considering of getting one in the future. One proof of the increasing interest of the public is the numerous inquiries and questions about how they can save on long term care insurance premiums.

Now that majority of insurance companies offer online LTC assessment tools that can give immediate quotations to those who are interested in getting an LTC plan, the public are given more chances and time to consider their plan purchase.

By providing some important personal information that the insurance providers need to come up with the possible amount of their LTC plan, those who are interested in getting one may examine and analyze the result of their inquiry, therefore they can be more prepared and ready financially once they decide to finally avail their own LTC policy.

Other than this, an individual can always ask for his insurance agent’s advice and recommendations about the many possibilities of saving on high long term care insurance costs. He will be informed of the different considerations that insurance providers usually have in order to grant LTC policy cheaper prices and also give him suggestions and guide him on what type of insurance plan he can avail.

Unlike what many people believe, the rates and premiums of a particular LTC plan may still be cheaper than what they perceive it to be. They only has to know the different factors or aspects that can help them save on long term care insurance monthly premiums by remembering these basic details that insurance companies consider when obtaining how much an LTC policy would cost:

1. If it is possible, they should get or purchase their LTC plans at a younger age. Insurance companies generally give more affordable policy amount and higher levels of inflation protection if the person avails his plan immediately.

2. He must consider his preferred elimination period and benefit coverage period because these two factors directly affect and contribute to the price of a particular person’s LTC policy. Longer elimination or waiting period may mean cheaper monthly rates while longer or a lifetime-worth of LTC benefit coverage period may have more expensive rates. Whatever the person prefers, he must be ready to pay and shoulder any LTC expenses that he might personally shoulder.

3. Inquire about the rates of nursing homes and other adult day care facilities in the exact area where the individual opts to receive his plan’s benefits. He must keep in mind that the rates and amount of LTC plans vary depending on the state and location where he will use his benefits.

4. Know the most suitable type of LTC policy option for your LTC needs in order to maximize the advantages without spending too much money.

All of the above factors can help a person save on long term care insurance premiums. He may also contact his insurance provider for more important details and information that can further help him get affordable LTC policies.


Who Should Plan for Long Term Care?

We’ve heard many times from people in the health care industry that long term care (LTC) is not for everyone.  Some may need it while others won’t.  However, there was not a time these experts said LTC plans and long term care quote are not important.  As a matter of fact, everybody is advised to formulate something for the future so that in the event that he would need care he can acquire one of topnotch quality.

Right now, more than 70% of the population receiving LTC is comprised of elderly people 65 years old and older.  This does not mean, though, that the young ones are exempted because according to the data of the U.S. Department of Health and Human Services 40% of LTC recipients are from the 18 to 64 age bracket.

You can say that LTC is unpredictable that is why there’s a need to plan for it in advance.  Although studies show that it’s mostly the senior folks that require care, young people can be subjected to it unexpectedly.  For instance, LTC was the farthest thing from the minds of 30-year-olds who have acquired multiple sclerosis or early-onset Alzheimer’s, but now they are in nursing homes and their families are trying their best to raise the money that will ensure these young people of quality care.

So, if you are in your 40s, or perhaps 50s, you’re lucky that you’re still active and healthy but it is wrong to presume that there will never come a time that you’ll need an extra pair of hands to help you get food in your mouth, in bathing and changing your clothes, move from your bed to a chair or vice versa, or in using the toilet.

Financial Protection from LTC Plans

Who won’t need some level of care when he is past 75 years old or make it 80?  People’s bones get weak as they age unless they are Superman.  Aside from physical limitations, one’s memory will gradually deteriorate, too.  Once you start experiencing any of these you will definitely need some help and mind you, that help will cost a lot of money.

Unlike regular health insurance, long term care insurance (LTCI) is optional.  However, with the latter you will receive asset protection apart from quality health care.  Health insurance only provides limited coverage that is why most people with this type of insurance product say they hardly feel that they are insured.

Receiving custodial and medical care will definitely cost more than a month’s supply of Diovan, Flomax, Xenical, or other maintenance medications which you can buy with a discount if you have health insurance.  Should the time come that you would need extensive nursing home care as these medications no longer work for you, you won’t find your health insurance anywhere because it does not provide nursing home coverage.

LTC plans are designed to ensure people of normal lives no matter how serious their health condition is.  With such a plan you can rest assured that your health, finances, and family are going to well protected.