Shop Around With Multiple Companies
Premiums vary greatly from company to company, so be sure to get quotes from at least five different carriers. A single broker who compares multiple companies makes it more convenient to shop. At LTC Tree we represent 10+ of the major Long Term Care Insurance companies, and we regularly note differences in rates from company to company. These differences range from 15% to 65% in premiums for basically the same policies. A broker who doesn’t pick favorites can help you find the right company.
» How to choose the right Long Term Care Insurance company.
Save Money with Longer Elimination Periods
The elimination period is your policy’s deductible. The longer the elimination period, the lower the premium will be. Keep your premiums down by choosing a longer elimination period. The most economical deductible and the best balance between too long and too short is the 90-day elimination period.
Spousal and Partner Discounts Long Term Care Insurance Policies
Every insurance company offers a discount for a husband and wife applying for coverage at the same time. There are also partner discounts for gay and lesbian couples as well. Learn more about Spousal discounts.
Make Smart Inflation Protection Decisions
A disturbing industry trend is towards pushing 3% inflation protection options as a way to save money. If you’re considering reducing coverage, look elsewhere. The 5% automatic inflation protection will grow your benefit at a substantially higher pace over time.
Purchasing Something Is Better Than Nothing
Suppose the cost of Long Term Care is $170 a day in your area, yet you can only purchase a policy that covers $120 per day. While the policy that covers 100% of the cost is the best, a policy that covers $120 per day would certainly be better than no policy at all. In fact, $120 per day would still cover the majority of cost.
Take Your Time
A decision as important as Long Term Care Insurance deserves attention and research. Taking your time and doing your homework before purchasing Long Term Care Insurance can save you money. Too many local agents come in and expect to sell you a policy and take the check – sometimes on the first meeting! Step back, relax, and do some shopping.
Long Term Care Partnership Plans
A final item to check on is whether or not you live in a LTC Partnership state. Click the following link to see if you live in a Long Term Care Partnership state.
Saving you money on the purchase of your Long Term Care Insurance policy is one of our major goals at LCT Tree. Another goal is bringing you peace of mind. Once you have your Long Term Care Insurance policy in place, it will be one less thing you have to worry about when your head hits the pillow at night.