Ways to Lower Long Term Care Insurance Premiums
Retirement planning is an important, in-depth process that lays the base for security in your golden years. But many people are overlooking the benefits of Long Term Care insurance because of it's perceived cost. LTCi premiums are affordable and can be made even less expensive with a few tips and tricks. Some ways just make sense, like buying younger or being in good health yet others aren't quite as known; like adjusting deductibles or using special spousal discounts.
Adjusting the Elimination Period
The elimination period of a Long Term Care Policy is actually a waiting period from the point of claim until the policy begins to pay out benefits; the policy's deductible. You can choose between 0 and 365 days (max. of 180 in Florida) and this affects the overall price of the policy. By choosing a longer elimination period, you can lower the cost of your policy. Have your Long Term Care Specialist adjust this number to see how it can alter the cost of your LTC plan.
Partially Self Insure
Using some your own money to pay for needed care is another way to save on premiums. If it arises that you need care, your policy would only cover a partial amount of what you needed to pay. The remainder would come from your savings, assets or social security income. This way you have a plan in place that will cover a portion of your care, at a smaller up front cost.
Not Your Average Spousal Discount
You no longer need to be married or even live in the same household to receive discounts with family members or domestic partners. For instance, John Hancock LTCi Plans allow you to receive a discount when you apply at the same time with another member of your family even if you live across the country. Mutual of Omaha extends discounts to life partners as well as same sex couples. Discuss these types of discounts with your Long Term Care Specialist to see if you qualify.
Saving by Being in Good Health
Being in good health is important in all aspects of your life and it's especially important for buying an LTC plan. Maintain a healthy weight, have regular doctor visits and a good history and you can significantly save on your policy.
The Good Buy Young
One of the most basic tips to lower your premiums is to buy younger. Essentially every day you wait the premiums rise. The best step for you now is to take the time and talk with a Long Term Care specialist. Find out how you can get a very affordable premium that can protect you in your time of need by filling out the form at the bottom of this page.
The cost for care varies widely throughout the United States. Some areas of the country are presumed to be expensive but there are others youmight not expect. Is your state on the list for the most expensive yearly cost?
The Top 10 starts now!
10. New Hampshire
This small rustic state makes the cut as the 10th most expensive state to receive care in the country. The median cost for care comes in at $46,870 per year.
The great North-Western state of Washington is known for scenic views and wet weather but should also be known for high costs of care. They come in as the number 9 state with a median cost for care of $48,000 per year.
8. Rhode Island
The smallest state in the country comes up big in the cost department. Of the limited places you can find for care, Rhode Island comes in with a median cost breaking the 50k mark; $50,550 per year.
7. Washington D.C.
Although not a state, The District of Columbia still boasts one of the highest costs for care in the country. Our Capital comes in at number 7 on the list with a median cost for care of $52,200 per year.
As a neighbor to both New York City and Massachusetts it should be no surprise that Connecticut comes in at number 6. The median cost for care is $53,850 per year.
Sticking with the New England theme, the Northernmost state in the Eastern time zone comes in at number 5. The median cost for care in Maine is $55,500 per year.
The second smallest state in the country lands the number 4 spot on the list. Delaware has a median cost for care of $55,506 per year.
3. New Jersey
The popular East Coast vacation spot of New Jersey comes in at #3 on the list. As another neighbor to New York that boasts hundreds of miles of coast, its no surprise the median cost for care comes is $59,250 per year.
Massachusetts is known to be an expensive state to live and its also an expensive state to get care. As the highest priced state in the Continental 48, Massachusetts' median cost for care comes in at $59,400 per year.
The most Northern state in the U.S. comes in at number 1. It should be no surprise that Alaska is the most expensive state in the country for care because of the geographic and climate challenges the state faces. Alaska's median cost for care is over 6k more than the #2 state at $66,000 per year.
Get More Information on How To Lower Premiums
We don't just offer one solution. We shop all of the major carriers to offer you the best price. With our 35+ years of Long Term Care insurance experience, we'll save you time and money on your Long Term Care Insurance quotes. Long Term Care insurance is very involved and very specific to each individual situation. It takes a Long Term Care Specialist to match you with the right options, carriers and companies.