How Expensive is Long Term Care Insurance?

October 24, 2017

One of the things that can protect you from the high costs of healthcare services, which you would eventually use, is by obtaining a long term care insurance policy. This will eventually cover the expenses of medical bills or other health care services that you will use in the future.

There are still a lot of people who are relatively new to the concept of long term care insurance. They are unaware of the ways they could take control of the policy and get a lower cost compared to the original offered price.


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Reduced cost for married couples

If you and your spouse or partner are insured with the same insurance provider, the two of you can save fifteen to forty percent yearly.

Insurance providers will offer discounts for married couples. Sometimes, the discounts are even given to unmarried partners. But remember that the discounts will depend on the providers and often, the requirement needs both of the spouses to purchase each of their insurance policies.

There are some providers that can offer discounts even if there is only one spouse who is insured. Other companies offer discounts to some domestic partners who are unwed.

In the event of a divorce, remember that some providers will not remove the marital discount. But, you need to buy the insurance policy while you are still married for the discount to be counted.


Deductibles can help save about twenty percent per year

This has the same concept similar to that of a car or home insurance. To make it simple, you shoulder some of the cost before your insurance starts.

Deductibles are called ‘Elimination Periods’ in long term care. This is the waiting period you choose before your policy starts.

If you chose a longer waiting period, then you should expect a lower annual premium. But keep in mind that in that waiting period, you are going to be cashing out for all the costs of the health care services that will be rendered.

The initial health care cost is not going to be that expensive, compared to if it is already in its maturity. However, you should consider getting help from a member of the family or community during the first few days before your benefits begin.


Definite benefit coverage period can help save

Deciding about until when you are going to use the services of your insurance policy is going to be one of the most difficult things you have to make.

The possibility of you needing health care services is either zero percent or a hundred percent. You may or may not have to use the service of the policy. The reason why this is a good way to plan is that you can go through your financial assets and decide about which you would like to protect with long term care insurance.

After all that, you can try and go back into the daily dollar amount and the number of years of coverage.


Comparing Policies Will Do the Trick

When buying things, do you get the first thing you see and pay for it right away? No. Exactly.

Long term care insurance premiums don’t have to break the bank. Shop around first, request for instant long term care insurance quotes online and compare rates from different long term care insurance companies. This is the trick to finding a policy without burning a hole in your pocket.

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