The following are a few tips to get long term care coverage within your budget at a price you can afford.
Save By Applying with Your Spouse
Insurance companies reward spouses who apply together and are approved for coverage with discounts as high as 30%.
With these discounts, couples can get long term care coverage for as low as $100 per month, per person. That’s only $200 per month to cover both you and your spouse!
So, how does it work?
Below are a few examples for couples of similar age each applying for a minimum benefit pool of $100,000, a 90-day waiting period, 3% compound inflation, and Shared Care coverage based on standard health rates.
Age |
Monthly Rate for Couple |
LTCI Benefit Pool |
| 45 | $195 | $153,600 |
| 55 | $191 | $187,200 |
| 65 | $197 | $105,600 |
By adjusting the benefit pool in these examples, we could keep the combined premiums for both individuals below $200 per month!
Save By Adding Shared Care
In the example above, we included Shared Care on the policy to enable the benefits to be shared by the couple. With the Shared Cared rider, couples have access to their spouse or partner’s benefit pool if they exhaust theirs and need more care. This rider doubles the benefits available if one spouse needs more care than the other.
Save By Adjusting Policy Features
When you work with an LTC Specialist, they’ll educate you on which policy features are important and where you can save money. If you’re trying to stick to a budget, there are a few ways you can save on long term care insurance premiums:
- Adjust the daily or monthly benefits higher or lower
- Extend the length of the elimination period
- Select conservative inflation protection
Work with a specialist to decide which features you need and where you can save on premium dollars.
Save By Applying When You’re Young and Healthy
Long term care premiums are based on your age and your health. This means the younger you are when you apply the lower your premiums will be. In addition, some carriers may offer higher discounts for being in preferred health.
Good health discounts are determined by full medical underwriting and may be applied once your policy is approved. It’s important to buy long term care insurance while you’re in good health and eligible for coverage.
Create Long Term Care Plan for Your Future Today
At LTC Consumer, we help individuals and couples find affordable long term care coverage every day. Work with a specialist to see if long term care insurance is right for you and learn more about the money-saving discounts available.
To get started, request a free quote online today. A specialist will reach out to you to explain your options and answer questions about long term care planning.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.
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