Who says you have to spend thousands of dollars for a long term care insurance policy? This is a myth which should stop circulating because the fact of the matter is that long term care insurance premiums are based on the age, health, and amount of coverage of a particular individual.
Of course, it would be bogus to say long term care insurance (LTCI) is cheap because it is not. But it is possible to clinch a policy that is within your financial reach if you will apply for one while you are still young and healthy.
Insurance companies only give rated coverage to people who are 65 or older because they are at risk of needing higher levels of care. Now if you are somewhere in your 40s or 50s and not likely to require serious care for the next 10 years there is no reason for you to pay over $ 2,000 for an LTCI policy.
According to leading LTCI providers like Genworth Financial, an individual between the ages of 45 and 55 will most probably pay between $ 1,800 and $ 2,000 for the annual premium of a policy with a three-year benefit period and a 90-day elimination period. However, if he is married and wishes to avail a joint policy that constitutes the same components as mentioned earlier, the likelihood of him paying an annual premium of $ 1,100 to $ 1,250 is high.
There is actually no secret strategy to receiving a low-priced coverage except to purchase your policy the earliest you can.
Long Term Care Insurance Premiums
Aside from your age and health, the amount of your LTCI coverage will also influence the price of your policy. To avoid overspending on the premium of just one LTCI policy you need to determine your future health care requirements before applying for coverage.
Health care experts say some people will require in-home care service at the onset of long term care while others will immediately need skilled nursing care. It would really depend on the circumstances so what they are trying to say is that when planning your future health care, you have to consider all the possibilities. You may or may not need nursing home care so it is just logical to include skilled nursing care in your coverage, as this happens to be the most expensive LTC facility.
Once a person has already identified what may befall him health-wise and the level of care that he might need someday, he has to start gathering the hourly, daily, monthly, and annual rates of LTC facilities.
He will use the current rates of LTC services to figure out his personal LTC costs. All he has to do is compute the current costs of LCT against the rate of inflation and then he will be able to get the answer that he needs.
To find out what perks you can enjoy and use to pull down your long term care insurance premiums, contact a licensed LTCI representative who works closely with the country's best insurance firms.
Gather all the information you need such as long term care insurance costs and long term care quote before making a purchase.
Orignal From: Get a Reasonable Price for Your Long Term Care Insurance
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