Below are 4 tips from Kiplinger for buying long term care insurance. Hopefully this will help you during the process and help you get the best deal.
According to the latest overall cost of long term care insurance “a married couple both age 60 can expect to pay $2,170 per year for $328,000 worth of coverage, up from $1,980 last year.”
1.Assess your risk: Consider your health and allow that to determine what type of care you are wanting to cover you. Situations are all different so find out what kind of coverage you are wanting so you can find the right policy for you.
2. Cut your costs: When you have figured out what type of coverage you are wanting then it’s time to find out how much you can risk and how much you can tolerate on your own from the insurance company. You will go through the “elimination period” when you have chosen a deductible which is the time between when you are eligible for benefits and when the insurer starts payments.
3. Buy early: Premiums tend to rise the older you get. It’s important to start looking around your 50’s and while still in good health.
4. Determine affordability: Take the time to research all your options and find what best suits you. There are a few options to consider so think about talking with a financial adviser.
Reviews of each company’s financial stability ratings, claims experience, and size.
A side-by-side comparison of each company’s policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.