Everyone likes to save money, whether on groceries, clothes, a car, a house, and even insurance.
In previous blog posts, we shared that long term care insurance is paid for with your money, but it is bought with your health. However, there has to be more ways to save on long term care insurance than just being healthy, right?
Here we compiled a list on how to save money when applying for long term care insurance:
- Compare companies:Prices can vary by up to 30% for the same plan from different insurance carriers. Each carrier has different guidelines for which health issues they may or may not accept. They also may vary their prices based your marital status.
- Apply with a spouse or partner:There can be significant discounts when applying with your spouse or partner. With some of the carriers we represent, you could save 20-40% on your policy if you apply with your spouse, as opposed to 0-15% if you are married and apply alone.
- Apply while you are healthy: You could save 5-10% on your premiums by getting a good health discount.
- Adjust your benefits:One of the biggest factors that determine the price of your policy is, of course, the benefits you apply for. Two big factors that will move the needle on price the most are your deductibleand the duration. Check out our Buying Trends Guide to see what many people are applying for.
With all of these options, we recommend working with someone who specializes in long term care planning so you can find the best deal for your unique needs. Our team of specialists are some of the best planners in the U.S. and help thousands of people each year with their 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.