About Long Term Care Insurance Quotes

Getting a Long Term Care Insurance Quote

If you have decided to invest in long term care insurance, you will want to get the most affordable policy you can for your individual situation. If you search online for a quote, you will more than likely get a variety of different long term care insurance quotes. The reason is that each insurance company sets its own rates, which means that a bit of research can save you a lot of money. Each insurance company has the type of client it would like to attract. That means that a company that is able to offer a great plan with low rates to a married couple over 40 may not be the best and most economical option for a single person in his or her sixties. That is why you should shop around, as even the most reputable insurance companies can give you different policy quotes.

Be aware that all insurance companies have a rating, from AA to D. This will tell you if the company you choose will be reliable, as you don’t want any unpleasant surprises in the future. Any quotes that we provide you are from insurance companies in good standing with a good reputation.

While insurance companies may charge different rates, certain factors are taken into consideration with every policy. Just as a driver with a clean driving record will pay less for auto insurance, a person with no adverse health conditions can seek a discount on a long term care policy. Such a discount can usually amount to a 10 percent savings. Of course, your rate won’t change if you develop health problems in the future.

Since good health has an obvious financial advantage when purchasing long term health care insurance, the younger you are when you buy a policy, the less it will cost. If you wait until you are near retirement age to buy such a policy, you may find yourself paying close to double in premiums than what you would have paid had you started years before. According the research, 63 percent of applicants under the age of 30 qualify for a discount, as opposed to 11 percent of applicants over the age of 79.

One way to save on your long term health care policy is to consider the deductible. The deductible refers to the number of days you will pay your own expenses before the policy takes over.

Another consideration will be the length of time you can collect benefits. That is a very difficult decision to make and may ultimately depend on what assets you wish to keep from being eaten up by long term care costs. Be aware that an unlimited policy will cost close to 40 percent more than a policy that pays benefits for only three years.

Be aware that there are various coverages that you can purchase with your long term care policy which can affect the cost. The types of care covered include nursing home or hospice, skilled custodial care, or home visits.

You might wish to consider a more inclusive and expensive policy if you want to protect your assets from being used up by long term health care expenses, or if you know that no family member will be able to assist you in times of need, or if you prefer to remain independent.

Taking all of your circumstances into consideration will help you get the most affordable long term care insurance rates.