How Can I Save Money on Long-Term Care Insurance?

According to the American Association for long-term care insurance, each insurer sets their own rates depending upon the type of client they wish to attract. For instance, one insurer may desire the business of 55-year-old married couples, while another insurer may seek a single 65-year-old.

And, just like drivers who have no accidents or tickets can benefit by paying lower rates for their auto insurance, long-term care policyholders with no known current health conditions can pay less for their long-term care insurance. The American Association for long-term care insurance says that these healthy individuals are generally afforded a 10% discount.

Here is the real benefit: if you have good health now, you can lock in a preferred health discount for the length of your long-term care insurance policy. “That means, you don’t lose the savings when your health changes. And, as you get older, it will change,” the association advises.

Further, the earlier you apply for long-term care insurance, the more likely you are to qualify for the good health discount. The percentages of applicants who qualified for a discount deceases wityh age:

Because there is such a wide variety of costs and benefits, long-term care insurance is an extremely complex type of insurance to buy. Get wise advice. Contact your local professional independent agent for help in making your decisions regarding your Long-Term Care coverage.