Long term care insurance is a really important but expensive policy. Will you want to get lower rates? Below are tips to help you in that quest…
1. Just as with every other insurance policy we know of, you’ll enjoy lower rates if the company you work for has long term care benefits through a group policy. This option helps you save because the company might likely take care of part of the cost. Also, insurance carriers usually give groups rebates in order to woo more members of such groups.
Look for any opportunity out there for a group long term care policy. It will help you save much. However, make sure it’s sold by a carrier that’s been long in the business and is financially strong enough to serve your best interest for a long time to come. This is crucial since it may take a few decades before you file a claim.
2. A number life insurance policies or annuities make room for you to include long term care benefits as a rider. Check if yours has this provision. If you’ve yet to purchase any of these then it will make sense to ensure you only buy a life insurance policy or annuity that either has long term care include or allows you to add it as a rider.
Why does this result in cheaper rates? It’s simply because it’s cost-effective for an insurer to combine both in one policy than to sell both as individual policies.
3. Similar to how a higher deductible will reduce your rate for other insurance policies, a longer waiting period will lower your long term care insurance premium.
If two customers of exactly the same profile choose exactly the same coverage amount with the only difference being the waiting period, the customer with the longer waiting period will enjoy a better rate. For example, let’s say the first person chooses a 30-day waiting period and has to pay a premium of $3,000. If the second person opts for a 90-day waiting period, he/she would get a premium of $2,100 — $900 cheaper.
But as you use this opportunity to save, remember that you’d have to make provision for your long term care expenses for the selected waiting period.
4. For people who are married, you can pay a lot less for long term care insurance if both of you purchase a joint policy. With such a policy you’ll catered for if either or both of you need long term care. Howbeit, while buying this kind of policy be very careful and ensure the needs of both of you are well covered in the fine print.
Below are other factors that will affect your long term care insurance rate…
1) Your BMI
2) Smoking and the use of tobacco
3) Alcoholism or Drug Abuse
4) Multi-policy discount
And whatever you do, don’t forget to obtain and compare quotes from a wide range of insurance carriers. This will save you thousands of dollars over the years.
Are you tired of paying too much? Then make it a point of duty to save much by visiting the sites following: low cost health insurance and cheap health insurance. Chimezirim operates many sites that teach you how to save on insurance.
categories: long term care insurance,health insurance,health