Save On LTC Insurance
3 Best Ways to Save on Long Term Care Insurance
The Long Term Care Lady℠’s experience has taught her a few techniques to help her clients save on premium and she’d like to share a few of those with you now. There are several more ways to save, not only on premiums but on the cost to operate a policy, which she can discuss with you personally.
#1 Income Offset
“Most people get very concerned about elder care or the cost of long term care, which in some areas of the country are between $70,000 and $115,000 for just one year in a Skilled Care Facility) according to 2009 and 2010 published rates),” notes the Long Term Care Lady. “So they immediately think they have to purchase a large amount of insurance cover the whole expense, which isn’t realistic for most people’s budgets.”
The Long Term Care Lady℠ also shares, “The initial time we spend with our prospective client is so important because we must listen to what’s important to them and ask pertinent questions, which guides us in making a recommendation for how much insurance is appropriate . . . and Income Offset is the first line of defense to keep long term care insurance premiums affordable.”
#2 Keep It Simple
“It really concerns me when I hear that someone has avoided making inquiry about this important protection because they heard from someone else how supposedly expensive long term care insurance is, which is just not true,” says The Long Term Care Lady℠. “Most insurance agents or financial services professionals that sell a long term care insurance plan don’t do this, but over the past 13 years I’ve received feedback from customers who attended seminars where an inflated risk for care was presented promoting large expensive policies with unlimited benefits. So I can only assume that when people say they’ve heard ‘it’s expensive’ that this is where it’s coming from or that their friend wasn’t working with an experienced and certified long term care insurance specialist.”
“With our LTC Education Center and free downloads one can easily determine that covering the average risk is the most prudent action to take, unless . . .” the Long Term Care Lady℠ warns, “unless, there are extenuating care experiences due to health history or high risk diagnoses in your immediate family, which our training and experience teaches us to look for that might be inheritable — but of course that decision is yours to make. So, to keep it simple and affordable we usually start with recommending covering just the average care need risk.”
“Our clients are guided through an educational program
that keeps this all very simple”
“In the long term care insurance industry the deductible is called an ‘Elimination Period,’ and hence the first so many days that you need care are eliminated from the benefit period,” says The Long Term Care Lady℠. “And just like with your other forms of insurance such as auto and homeowners, the larger the deductible, the lower the premium. Of course, the savings will vary carrier to carrier, but sometimes the savings can be as much as 20 to 30% between a low and high Elimination Period, which can represent a significant savings,” notes The Long Term Care Lady℠. “Be careful, however, to be sure to only commit to the size of elimination period for which you are certain you’ll be able to pay, when the time comes, and factor in what dollar value that represents today versus when you’re more likely to need to access your benefits in 20, 30 or 40 plus years,” she cautions.
We hope these tips will help guide you in your decision making process.
Please visit the rest of our website for more valuable tips and educational resources.