Long Term Care Insurance Premiums
If you are wondering about the cost of long term care insurance premiums, you should know this type of insurance can be costly. You can expect to pay between $1,000 and $3,000 annually for a long term care policy. One thing you should know is that you can save money by purchasing your premiums at a young age. The younger you are, the less you are going to pay. Also buying inflation protection can help keep your premiums affordable. An example would be the difference between purchasing a policy at age 55 as compared to age 75, overall, it is cheaper to buy at a younger age.
Long term care insurance covers a variety of different things, including some assisted living facilities, nursing homes and in-home care costs. As mentioned before, the earlier you purchase a policy and begin paying premiums, the cheaper your policy should be overall. It is a precautionary measure to purchase a long term care policy at a young age so that if it is needed later in life it will be there. The cost of long term medical care can be astronomical and more than many people can afford on their own, which is why this type of insurance is recommended.
Even if you get Medicare, or will get Medicare, there is still the distinct possibility that you will have to pay certain costs out of pocket, which may be devastating for your finances. Long term care insurance premiums work along with Medicare to fill in the gaps and keep you financially stable. There are some ways to save on the cost of your long term care insurance. Look for discounts for which you are eligible.
One such discount is a good health discount. If you buy early and are also in good health, you can dramatically save on the cost of your premiums. This is exactly the time when you aren't thinking about long term care, but should be. If you are older and/or have a debilitating illness or disease it will be difficult to impossible to get insurance coverage. Another way to get a discounted rate is to get a policy with your spouse. In some states this also applies to couples who are living together. Couples can save as much as 10 to 35 percent on the cost of their long term care insurance.
Group discounts for employees of companies who offer long term care insurance can also save money. You might even be able to take advantage of some tax deductions on this type of coverage. And, by paying once per year you can save as much as 8 percent on your premium costs. Little measures like these can add up to substantial savings on this type of policy.
No one wants to think about the possibility of needing long term care. However at some point, many people will require this type of care, and at that time will be glad they went ahead and purchased a policy at the best possible time. To make sure you get the best long term care insurance premiums consult with an agent experienced in this type of insurance.