3 Ways You Could Save on Long-Term Care Insurance Policies

By Steve Elliott | January 15, 2018 | Comments Off on 3 Ways You Could Save on Long-Term Care Insurance Policies

Long-term care insurance is a great policy to consider when you are focused on retirement and protecting your financial assets. Far too many people spend a considerable amount of time and energy investing in their 401(k), stocks, bonds, mutual funds, and other investments but don’t think about things that could complicate their situation in the future.

Long-Term Care Insurance Quote San Marcos - 3 Ways You Could Save on Long-Term Care Insurance Policies

Long-Term Care Insurance Quote San Marcos – 3 Ways You Could Save on Long-Term Care Insurance Policies

The need for long-term care could arise and the federal or state government is not going to offer any kind of compensation, reimbursement, or payments for long-term care until an individual’s personal assets are nearly used up completely.

Some people balk at long-term care insurance because of the cost.

They see other ways to spend their money that are more rewarding in the short term. They don’t contemplate long-term care insurance because they don’t see the payoff, especially if there is never a need for any type of long-term care. Yes, a person could pay into a policy like this for decades and never require any type of long-term care, but with the cost of assisted living, nursing homes support, and home care outpacing inflation year after year, in the event they do need support, it could be financially devastating.

Below are three ways most people can save on long-term care insurance policies if they plan early enough.

First, start early.

The earlier a person starts a long-term care insurance policy, just like a life insurance policy, the more cost-effective it will be. The monthly premiums will generally be lower for somebody in their 40’s who is in good health compared to somebody in their 60’s who is also in good health.

Second, they should look into a ‘preferred health discount.’

If they are in good health and can prove it, including that they don’t smoke, drink excessive amounts of alcohol, or take part in other ‘risky’ behaviors, they could be eligible for a preferred health discount. Not all insurance companies offer these kinds of discounts, but it’s a good idea to ask if you don’t see any provision in the current policy for this and get a quote.

Third, they should be encouraged to compare policy costs.

Every company is different and there could be certain provisions or options available that will lower the monthly premiums for long-term care insurance. Getting a quote could help you decide. It could affect total payout, when the policy would go into effect in the event that person requires long-term care, and other factors.

If monthly premium cost is the primary reason for not considering long-term care insurance now, looking at these things could help make it more affordable and that can save a person’s entire retirement fund even though they might not think that possible right now.

If you or a loved-one are considering a Long-Term Care Insurance Quote in San Marcos 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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