5 Steps in Lowering your Long Term Care Insurance Premium

Purchasing an LTCi is a serious investment that is why it is best to research and plan first before you buy your own long term care insurance. Long term care insurance premium is very expensive but it is better than to have you shoulder your medical expenses right from your pocket which is more expensive, by the way. But here are some tips on how you could get discounts and other perks on your LTCi policy:

  1. Great medical background
  • Having a great medical background will make the insurance company see you as an asset because they can get more from claims rather than giving out more for benefits. The company typically gives a 10% discount if you have a great medical record, and this discount is locked in, meaning, if you get any diseases as time goes by, the 10% discount is still intact, making it more beneficial to you because it is a fact that as you age, you are likely to get illnesses and diseases even if you do not want to.
  1. Discounts if you have a spouse
  • Discounts are also given by insurance companies to married couples. They could get a 15% to 40% discount every year, as long as both of them bought insurance from the company. Other companies also issue discounts to people with domestic partners or even couples in a committed relationship.
  1. Longer Elimination Period
  • The longer the elimination period is, the lower your long term care insurance cost will be. On your first months, when your insurance kicks in, you will only be able to receive less long term care, and the cost of the care is much greater than the care you are receiving making it look like that you paid more to get less. So if you just make your elimination period longer, even if you do not get to use your insurance right away, you can get help from other sources, like your family, a community that helps the needy, and the Medicare. Doing this will undoubtedly make your premiums much lower.
  1. Purchasing your LTCi at an early age
  • By purchasing your LTCi at an early age will earn you discounts from your insurance company. This is because when you are still young, you are still in tip top shape and still as healthy as can be, making you a candidate for a discount from your insurance provider, especially if you have a healthy lifestyle.
  1. Discounts through groups
  • If the company you are working at has long term care insurance, inquire on how you could join in group coverage, but if the group policy has lesser benefits compared to when you are not in a group policy, it is better that you just purchase your own insurance policy.

Being able to lower your long term care insurance premium can help you a lot because you not only save up money, you also secured your future so you won’t have to worry no more when that time comes.

Sources:

http://www.bankrate.com/finance/insurance/ways-to-save-long-term-care-insurance.aspx

http://www.investopedia.com/articles/personal-finance/022316/how-buy-longterm-care-insurance-cheaply.asp

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