It is true that you should be able to determine exactly what you expect from your long term care insurance (LTCI) policy before requesting long term care quotes. But if you want to save money on your premium, you’ll check out the other facets of a potential policy.
You may be able to cut back on your annual premium if you go for a small maximum benefit amount but the problem is that you might turn out underinsured. You can opt for a very short benefit period but in the event that you acquire an illness that will progress over time and require increased levels of care, this could result in huge out-of-pocket expenses. You can also choose a 180-day elimination period but if you have limited resources you might never get around to satisfying this aspect of your policy and thus you won’t qualify for your benefits.
While it’s good to focus on the variables of your policy, it also helps to look at other factors outside of it that offer great premium savings. Pay attention to the various discount rates offered by LTCI carriers.
Given the fact that LTCI policies are expensive, you have to find ways to cut back on your annual premium. Just because other policyholders reduced their maximum benefit amount, shortened their benefit period, and extended their waiting period it does not mean you have to do the same.
Factors to Take Into Account When Comparing Long Term Care Quotes
Most people just take into account their possible long term care (LTC) needs, the cost of care in their area, and the rate of inflation when comparing their LTCI quotes.
Some of them are so busy reducing their maximum benefit amount, benefit period and the other components of a potential policy seemingly forgetting that the main purpose of buying an LTCI policy is to avoid large out-of-pocket expenses.
You don’t have to sacrifice your coverage in exchange for a lower premium because you can obtain huge savings from the special discounts which most LTCI companies offer.
For instance, the good health discount can be availed by young individuals with excellent health condition. So if you do not have a pre-existing condition or you don’t manifest symptoms of any debilitating disease at the time you applied for an LTCI policy, you have big chances of acquiring up to 10% good health discount.
Aside from healthy individuals, couples can also have the privilege to enjoy partner or spousal discounts. It’s not only married individuals who can qualify for this type of LTCI discount because gay and lesbian partners, and even siblings can avail up to 40% discount on their LTCI premiums. For as long as same-sex partners have a civil union certificate and they can prove that they are or have been living together, sharing domestic chores and living expenses they can qualify for the spousal LTCI discount.
Ask the LTCI agent who’s helping you gather long term care quotes how else you can reduce your premium without compromising your coverage.