The need for long term care is an issue that affects many Americans. The United States government reports that approximately 60% of citizens 65 and over will find themselves in need of long term care at some point during their golden years.
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A majority of these people will find that their health insurance, Medicare or Medicaid plans do not cover long term care. For this group, long term care insurance can ease the burden considerably.
The good news is that finding cheap long term care insurance to plan for this reality has never been easier. You can gain access to many quotes from different, reputable insurance providers just by typing your zip code on this page. These quotes will be lined up against each other, allowing you to compare the different coverages and rates in an apples-to-apples manner that eliminates much of the confusion that surrounds insurance.
The Costs of Long Term Care Insurance
How much you pay for long term care insurance depends on your age at the time you purchase the policy, what kind of coverage you choose, and what riders, if any, you add to your policy. You will end up paying a considerably higher rate if your health is already failing, if you can secure any coverage at all. This is why it is best to get an early start—well before you think you will need it—when buying long term care insurance.
Paying Less Doesn’t Have to Mean “Cheap”: Long Term Care Insurance Selection Guide
There are several steps to designing the long term care insurance package that’s right for you. When using the on-line quote comparison tool, you will be asked to make the following choices when generating quotes from multiple long term care insurance providers.
- Choose your Daily Benefit Amount: The Daily Benefit Amount refers to the dollar amount that the policy will pay out per day for your long term care. From $50 per day to $500 per day (and beyond), there is a wide range you can choose from. It goes without saying that choosing a higher Daily Benefit Amount translates to higher premiums.
- Choose your Maximum Lifetime Benefit: This is the full amount that you would like the long term care insurance policy to pay out. In some policies, the Maximum Lifetime Benefit is directly related to your selected Daily Benefit Amount. If you select a Daily Benefit Amount of $50 and apply a five year benefit period, you will have a Maximum Lifetime Benefit of approximately $90,000. You may also be able to choose an Unlimited Lifetime Benefit that will protect your long term care needs as long as you require this form of specialized attention.
- Choose the breadth of your policy: You can select a comprehensive array of coverage that will give you the flexibility to decide exactly where you would like to receive your care, or you can go with “facility only care,” which limits your choice to established long term care facilities. The comprehensive policy is favored by those who think they would like to receive their long term care in a home setting.
- Choose your riders: Long term care insurance is, like most forms of insurance, very customizable—for a price. A popular long term care insurance rider comes in the form of Inflation Protection, which compensates for the increase in long term care costs as the years go by. Most long term care insurance companies allow you to include the Inflation Protection rider in your initial premium so that the cost of the rider is not tied to the rising value of your coverage, which would compromise your quest for cheap long term care insurance.
How to Identify “Cheap” Long Term Care Insurance
In order to find out when you’re getting a deal, you have to know the averages. A national researching body compiled statistics on the average cost of long term care insurance yearly premiums for different age groups in 2007. Even a few years later you can use these as a guideline. The results are as follows:
- Under 40: $881/year
- 40-49: $1781
- 50-59: $1982
- 60-64: $2249
- 65-69: $2539
- 70+: $3026
The average policy holder chooses a comprehensive long term insurance policy that will pay out for 4.8 years at $160/day and includes an inflation protection rider.
Find Cheap Long Term Care Insurance Now
While the averages give you only a general idea of cost, they are a good jumping off point as you start to compare cheap long term care insurance rates. Now is the time to type your zip code into the box on this page so that you can watch the quotes pour in from reputable long term care insurance companies in your area. Don’t delay. The earlier you arrange for future protections, the more likely you will be to find cheap long term care insurance. Compare long term care insurance rates now!