While long term care insurance may not be cheap, isn't it cover the cost. For most of us, the solution to all this is to get insurance as early as possible when premiums are lower and pre-existing conditions arrive. What about age? But what is the condition when seniors are older and more expensive coverage? While I believe that you should have complete coverage, there are several ways to keep premiums down. To reduce the cost of premiums consider these options :
How to reduce costs long term care insurance premium
1. Extending the elimination. Elimination period is much like a deductible. The longer the elimination period (deductible), the cheaper the insurance will be. However, this means you will have to pay a fee the first 30, 60, or 90 days of treatment. It has a 90 day elimination period can cut premium costs considerably.
2. Choose a shorter period of coverage. Instead a choosing a life coverage choose the coverage period of three to five years. The savings can be significant, according to Worth Magazine, studies show a average nursing home stay is about two and a half years.
3. Choose a lower daily benefit. The average annual cost of care in a private home is about $150 per day, according to the Department of Health. If you choose just $100 per day, you can lower your premiums, if you eventually need coverage, You can make a different with other forms of income, such as social security.
4. Get the policy together. If you are married, you can obtain a joint policy that covers both you and your partner at discount prices. Most large companies offer this. If you have to make a choice on who to make sure you have to choose a wife, they are more likely to enter a nursing home because of longer life expectancy. www.about.com
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