How to Save on Long Term Care Insurance

One of the hardest decisions to make is whether to purchase long-term care insurance or not. But with its benefit, you will definitely get your money’s worth and even more.

It may take some time to decide if you should get long term care insurance but by considering your retirement budget can help you realize that this product can help strengthen your financial security. It is beneficial since it helps pay for your future long-term care expenses and protect your nest egg.

Once you’ve decided to purchase, then that’s the perfect time to structure your policy based on your needs and save money at the same time.

Here are some tips that can help you save money when buying long-term care insurance:

1. Qualify for Spousal/Partner Discounts

2. Select a Longer Elimination Period

3. Select a Shorter Benefit Period

4. Buying LTCI before Your Next Birthday

5. Learn About Different Types of Inflation Protection

6. Purchase a Long-Term Care Insurance Plan through Your Employer

Original Source: http://www.infolongtermcare.org/money-saving-tips-long-term-care-insurance/

Cost of Long Term Care Insurance is Rising

According to the 2015 Long Term Care Insurance Price Index, the cost of long term care insurance increased 8.6% compared to last year.  

Jesse Slome, director of AALTCI (American Association for Long Term Care Insurance), said that “a healthy 55-year old man can expect to pay $1,060-per-year for $164,000 of potential benefits, compared to $925 last year.

You can read the full report here.

Statistics on Long Term Care

Older adults with disabilities, chronic illness, physical frailty and disabilities are the primary recipients of long term care. This is becoming a pressing need to Americans since more people are getting older and becoming more vulnerable to long term care. 

According to the 2010 Census, the northeastern United States, which includes Vermont, Maine and Connecticut, has the most number of older adults in the country, followed by the Midwest, which includes Nebraska, Indiana and Wisconsin.

Click here to read more facts and figures on long term care statistics in the United States.

Long Term Care Insurance’s Significance Today

Are you aware that 7 out of 10 of Americans who are 65 and above will require long-term care? Do you have a parent or relative that is inside a long term care facility? Did you know that you will eventually need any form of long term care and there are only three options to choose from? These questions can help Americans realize the significance of getting covered nowadays. 

Aside from the fact that Americans will most likely need long term care, they should also give importance to its cost. It would cost them thousands of dollars for a year of stay in a nursing home and assisted living facility. The best way to cover this is through long-term care insurance. This product can protect our hard-earned money and give you a high quality care that you deserve.

Read the original text of “Long-term care insurance – Now more than ever.”

10 Tips When Buying Long Term Care Insurance

There are myriad of options when buying long-term care insurance. Having a lot of choices is clearly an advantage but there are some people who find this complicated. It would help if you would familiarize yourself from important facts and figure first. This is highly recommended in order to get your hands on a long term care policy that is within your budget but can still provide you with comprehensive coverage in the future.

Here are the top ten tips that you need to keep in mind when getting insurance for long term care:

1. Long-Term Care is Not the Same with Traditional Medical Care

2. Long-Term Care Can be Expensive

3. There are Options to Paying for Long-Term Care

4. Find out if Long-Term Care Insurance is for You

5. Pre-Existing Condition Limitations

6. Find out Where You Can Buy Long-Term Care Insurance

7. Be Sure to Check With Several Companies and Agents

8. Advertisements Can Be Misleading

9. Make Sure the Insurance Company is Reputable

10. Be Sure to Review Your Contract Carefully

Click here to read the full article on ten tips when buying long term care insurance.

Tips on Long Term Care Planning

Planning for long term care is easy once you realize the significance of long term care in your future. The lack of planning can result into a rough retirement when you need help in carrying out your daily living activities and paying for care. Without coverage, you can use up your entire nest egg or you need to ask help from your loved ones to take care of you or pay for your long term care expenses. This is a situation that most people like to avoid because this can lead to strained relationships.

Here you can find a step-by-step guide that can help you plan for long term care.

Step 1: Learn about Care Settings

Step 2: Assess your Financial Status

Step 3: Consider Insurance Coverage

Step 4: Discuss with Loved Ones

Step 5: Use this Checklist 

Original Source: http://www.infolongtermcare.org/long-term-care_information/long-term-care-planning-basics/