You Can Control Long-Term Care Insurance Premiums

By Steve Elliott | January 8, 2018 | Comments Off on You Can Control Long-Term Care Insurance Premiums

The moment you begin looking into long term care insurance, you may be surprised by the premium rates that you’re eligible for. Perhaps you thought the cost for a policy was going to be less than what you’ve been quoted, but there are numerous factors that could be impacting your premium rates.

Long-Term Care Insurance Premiums Rancho Penasquitos CA - You Can Control Long-Term Care Insurance Premiums

Long-Term Care Insurance Premiums Rancho Penasquitos CA – You Can Control Long-Term Care Insurance Premiums

Age is one thing you can’t control, though.

One common factor that elevates long-term care insurance premium rates is the age of the person applying for it. This is the same concept as when somebody is searching for life insurance policies. The older a person is, the more likely it’s going to increase their long-term care insurance premiums.

However, there are certain factors that can help you lower some of those insurance premiums. Let’s take a look at some of them now.

First, start younger.

This doesn’t help somebody in their 60’s or late 50’s lower their insurance premiums, but it’s good advice to pass along to adult children, friends, and other family members. The earlier you start a long-term care insurance policy, the less you’ll have to pay in annual premiums over your lifetime.

Second, married couples may receive a lower premium.

Depending on the insurance company and other factors, married couples may be eligible to receive a discount on their rates. Again, this is all dependent on the insurance company and each state, which may have different requirements insurance companies must follow and meet.

Third, you can adjust your waiting period.

For example, a standard long-term care insurance policy may require people to wait 90 days before receiving benefits from the policy for long-term care. If you wanted to reduce your premiums, you may be able to lengthen that period to 120 days, for example.

Fourth, you may be able to designate a certain percentage of your existing assets to long-term care.

If you’re going to designate a certain amount of your savings or other income to helping pay for long-term care in the event it’s needed, this may reduce your premium rates.

Fifth, you might consider buying from a larger, more substantial benefit pool.

The type of benefit pool you purchase from (i.e. the underwriter), the more likely it could help you reduce your premium rates and lower the financial burden on you and your family for the time being.

As you can see, there are ways to help lower long-term care insurance premiums, so the best first step is to contact a qualified and experienced broker and sit down with him or her to go over eligibility, rates, and other factors that can make it more affordable for you and your family to stay protected well into the future.

If you or a loved-one are considering Long-Term Care Insurance Premiums Rancho Penasquitos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

Steve Elliott
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