Many people have the mistaken impression that long term care insurance is costly declares one of the nation’s top experts in the field. They simply are not aware of the simple techniques used by most consumers today to make the cost affordable.
“It’s smart to partially self insure,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, the national organization that advocates for long term care. “Using some your own money to pay for needed care is a way many people plan as a way to save on premiums.” In this way you have a plan in place that will cover a portion of your care, at a smaller up front cost.
The longterm care insurance expert recommends consumers looking to save adjust the Elimination Period, or the waiting period from the point of claim until the policy begins to pay out benefits. “Most people have a deductible for their car or health insurance,” Slome says. “Most people today choose a 90-day deductible according to Slome.
According to Slome, most people are unaware that they will save by being in good health
when they apply for long term care insurance coverage. Maintaining a healthy weight, having regular doctor visits and a good history and can significantly save on your policy. “Best of all, once an insurer approves you for the good health discount, you never lose it,” Slome adds.
Be certain to ask the insurance professional what other discounts you may qualify for and be aware that they can vary from one insurer to another. For example, Slome points out that you no longer need to be married or even live in the same household to receive discounts with family members or domestic partners. A copy may offer a discount when you apply at the same time with another member of your family even if you live across the country. Another insurer extends discounts to life partners as well as same sex couples. “These discounts vary,” Slome acknowledges, “so it really pays to work with a knowledgeable long term care insurance specialist who has access to policies from multiple companies.”
The American Association for Long-Term Care Insurance is headquartered in Westlake Village, part of Los Angeles California, and serves the public by educating Americans about the importance of planning for the risk of needing long term care.
For additional information on long term care insurance costs or to connect with a specialist member of the Association call (818) 597-3227 or visit the organization’s website.