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How can I find affordable long term care insurance?

How to Find Affordable Long Term Care InsuranceFinding an affordable long term care insurance provider is not that complicated; but it will take some careful research and time. In addition, rates will significantly vary depending upon your age, your personal health and medical history, and the long term care options you choose.

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Long-term care insurance used to be considered a luxury for the wealthy. With more Americans living well into their 80s, 90s, and beyond, long term care insurance is becoming more of a necessity than an option.

Purchasing long term care insurance is just as important as saving for retirement. Long term care insurance protects all the assets you have earned, the property you have acquired, and the retirement funds you have worked so hard to save.

What factors affect long term care insurance costs?

One of the most important factors in determining the cost of your long term care insurance will be the age at which you purchase the policy. Some companies do not offer long term care insurance before the age of 40. However, making this purchase while you are young and working is the most cost-effective strategy.

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The longer you wait, the more expensive your long term care policy will be. This is because the older you are, the more likely you are to have medical problems that might increase the cost of a long term care policy.

Your personal health and medical history will also play a part in determining the cost of a long term care policy. It is common for a potential long term care insurance company to request a medical exam. If you are overweight or if you smoke, your policy premium will be considerably higher than for someone who is at a healthy weight or doesn’t smoke.

In addition, if you are suffering from a chronic or pre-existing medical condition, the cost of your long term care policy may be significantly higher than a person who has no health issues. This is another reason why purchasing a long term care policy is more cost effective at a younger age; you are less likely to have chronic medical problems.

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How can I reduce the costs of my long term care insurance premium?

There are a few ways that you can reduce the cost of a long term care insurance premium. The most important way is to stay healthy by exercising, maintaining a weight that is appropriate for your height and bone structure, and to not smoke.

There are other ways that you can reduce your long term care coverage premium within the policy itself. One of the most cost-effective ways is to include an elimination policy in your long term care policy.

An elimination policy is a certain time period that you have to wait before your long term care policy takes effect. It can range anywhere from 30 days and up. The only downside is you will be responsible for the cost of your care during the elimination period. Usually, the longer elimination period you choose, the cheaper your long term care policy premium will be.

If you have a comfortable amount of retirement savings, you could opt for a long term care daily benefit that is lower than the average daily cost of long term care in your area. For example, if you choose a daily benefit within your long term care policy that is $100 per day instead of $200 per day, your long term care insurance premium will be lower. It is important to realize that you would be responsible for all costs over your long term care daily benefit maximum.

You should also understand that the daily cost of long term care will most likely increase over the course of your life. Make sure that you have adequate savings set aside to make up the difference should you choose to have a daily benefit that is lower than the average daily cost of long term care in your area.

What is term coverage in a long term care policy?

Another way that you can cut the cost of your long term care insurance premium is to elect term coverage. Term coverage within a long term care policy will cover your long term care expenses for a certain period of time instead of for your entire life.

For example, you can choose a 2 year policy or a 5 year policy that would cover your long term care expenses within that time frame. Keep in mind that if your long term care costs exceed that term period, you will be responsible for all long term care costs that are over the term limit you have chosen within your policy.

When shopping for long term care insurance, it pays to be married. If you are married, you can usually find long term care coverage at a discount if you choose a policy that covers both you and your spouse.

If you are interested in finding out more about coverage, enter your zip code and get free long term care insurance quotes immediately.

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