This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

Making Long Term Care Insurance Affordable

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Everyone likes to save money, just ask Geico and their famous gecko who preaches, “Save 15% or more on car insurance.”  Many people get scared off or disinterested in long term care insurance because of the fear that it is too expensive.  If your interested in making long term care insurance affordable, you are in luck and should continue reading.

Buy while you’re young: Long term care insurance may be paid for with your money, but it is purchased with your health.  You must be healthy enough to qualify for long term care insurance so it is wise to look into the matter while you are still young and before certain health issues arise.  The younger you are when you buy the insurance, the cheaper it will be.

Do your research: One size does not fit all when it comes to long term care insurance.  Like other lines of insurance (health, life, disability), there are a variety of plans to choose from, each fulfilling a different need.  The plan you pick could vary drastically depending on your life goals and needs.  In this case, it pays to do your research and speak to someone who specializes in long term care planning.

Apply with a spouse or partner: You could save up to 30% or more by applying with a spouse or partner.  You also have the option to apply for what is called Shared Care, which gives you access to your spouses benefits should the need arise.

Adjust your benefits: As mentioned above, your plan and benefits can vary greatly depending on your needs and what you are trying to protect.  One way to keep a solid plan but save some money is to buy a policy with a higher monthly benefit but a shorter duration.  This means you would get more money per month to help pay for care, but for a little less time.  Any excess money each month would roll over, potentially increasing the amount of time for your claim.

Long term care insurance doesn’t have to be expensive.  When it comes to a long term care plan, some is better than none.  No one ever sent money back to the carrier because it just wasn’t enough to cover the full cost of their care event.  When you are in a long term care crisis, every little bit of extra money helps.

We recommend speaking to a specialist today to talk about your long term care plan.

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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