Top Money Saving Tips

1. MULTIPLE QUOTES: Premiums vary greatly from company to company so be sure to get quotes from at least 3 different carriers. At LongTermCareInsure.com we represent all the major Long Term Care Insurance companies and we find differences of 15% to 65% in the premium for basically the same policy from company to company.

2. WEIGH BENEFITS AGAINST COSTS: Before you commit to a long term care insurance policy make sure you take the time to find out what long term care insurance policy features and benefits are most important to you.

3. LONGER ELIMINATION PERIODS: This is your policy’s deductible and the longer the elimination period on your long term care insurance policy the lower the premium will be. Consider taking a longer period to keep your premiums low. The most economical deductible is the 90 day elimination period which is typically a good balance.

4. SPOUSAL and DOMESTIC PARTNER DISCOUNTS: Most long term care insurance companies offer a discount for a husband and wife applying for coverage at the same time. A few long term care insurance companies will also offer discounts for domestic partner couples as well.

5. COMPOUND INTEREST vs. SIMPLE INTEREST: Any person applying under 74 should give strong consideration to either a simple interest or a compound interest inflation protection riders or (Cost of Living Adjustment (COLA) Rider). This rider keeps your benefits in pace with inflation as you age. If you are approaching 74 and find the cost of the compound inflation rider too expensive, consider the simple interest inflation rider. Keep in mind that the cost of health care generally rises faster than overall inflation.

6. SOME BENEFITS ARE BETTER THAN NONE: If long term care costs are currently $180 a day in your area and you can afford a plan that will cover 100% of the cost that is the amount of coverage you should purchase. However, if you can only afford a plan that pays $130 per day having that amount is better than having no plan at all. The plan will pick up the majority of the cost and will lessen your financial risk exposure.

7. LONG TERM CARE INSURANCE IS PEACE OF MIND: Once you have your long term care insurance in place it will be just one less thing you have to worry about when your head hits the pillow at night. Your family finances will be protected and you can pass on your estate to your children, charity, or other receipients.