With an average life expectancy gets longer, the chances of needing long-term care at some stage is growing. And so is the cost of care, but that makes it prohibitive for many. Consider this: According to a long-term provider Genworth care insurance, in 2015 the average annual cost of day care for adults $ 17,904 while the cost facility assisted living $ 43.200 per year on average, and the cost of nursing home anywhere from $ 80,300 to $ 91,250 annually.
One way to cover these costs is to get long-term care insurance. This type of insurance to cover any long-term care needs, whether it’s assisted living facilities and in-home care or nursing home. But it’s not cheap. According to the American Association for Long Term Care, in 2012 to secure the age of 55 the couple to pay anywhere from $ 2.080 to $ 4,824 for the benefit of $ 164,000 each. This amount jumped to between $ 2,794 and $ 5,637 at the age of 60. Wait for a longer period, the annual premium will be higher. (Read more here: Long-term care insurance: Who needs it?)
While care insurance in the long run can be expensive, there are still ways to save. Directed by insurance in the right age to looking for discounts, here’s how to get your insurance in the long run cheaper.
The younger you are, the more you save
As with health insurance, people take out insurance and long-term accused based on their health when they start the policy. So if you get coverage when you’re in your 70S, and will cost more than if you had taken over politics at 55, when I was much healthier in general. This is because the older you are, the greater the likelihood increased that your health will suffer, and makes you a greater risk to the insurance company. So there is a chance you will not get coverage at all, or will have to pay through the roof for it.
To lock in the savings, considering the work of long-term care insurance when you’re in the middle of the 50S for your 60 S early when premiums are cheaper. (For more information, please read: What is the best time to get a long-term care insurance?)
Shop around for cover
If you want to scour the Internet for deals on everything, you must apply a thrifty nature to buy long-term care insurance. Price they charge carriers to cover varies from one insurance company to another, and that’s why you’ll want to get multiple quotes before choosing which provider to go with it. Rates can vary for many reasons, such as if the insurance company stopped providing certain insurance product. You could use an insurance agent, but if you choose one who can sell only one or two of the policies, you have to be limited to a large extent in your choice and in your ability to save. Bet: Choose an insurance agent who sells policies from four or more insurance companies.
Extend the waiting period for coverage to kick in
High-deductible insurance plans are a way to save on auto and health insurance premiums. But when it comes to long-term care insurance, and extends the waiting period is a good way to achieve this. With long-term care insurance, and the selection policy holders when the benefits kick in. Usually waiting periods are 30, 60.90 or 120 days, with 30 days of the most expensive and the cheapest 120 days. The longer your wait, the more you’ll save in premiums because there is less burden on the insurance companies.
He said that this makes sense if you have other funds dedicated long-term care. After all, if you do not get hurt, you want to make sure you can care so your benefits kick in (read more here: long-term care: more than just a home for the elderly).
Abandon inflation Protection
It is assumed long-term care insurance to protect you against medical events in the future. But in the future, no matter what coverage you take out today will be worth less thanks to inflation. To combat this, many insurance companies offer a rider inflation. This means that you’re paying for daily benefits will carry the same value in 10 or 20 years. The consumer pays for this protection, so abandoned it can reduce your premiums. As far as like when choosing a long waiting period, you will need to cover any shortfall (relating to inflation) if you get sick or hurt. (Read more here: How to choose the best long-term care insurance).
Securing long-term care can give you peace of mind and protects you from costly illness or injury, which makes you impotent. This insurance is not cheap, however, and can be expensive for those who can not afford the premiums. Fortunately there are ways to save on premiums. Shopping around, abandoning inflation protection and extends the waiting period can be reduced for all associated with long-term care insurance costs. So you can take this insurance when I was younger, and hopefully, healthy.