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Article published by : hellisi on Tuesday, August 28, 2012 - Viewed 1048 times

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Category : Insurance

Being Well-Informed Can Help You Save on Long Term Care



Upon hearing the word long term care (LTC), people often immediately jumps into conclusion that this type of care is too expensive and would be hard to afford. However, what these people do not know is that there are various ways they can save on long term care. Having access to helpful and useful resources about LTC can help them figure out effective strategies on how to cope with staggering LTC costs including the annual rise of premiums. These ways can help make long term care insurance as affordable as possible.

A lot of Americans are not preparing and saving enough for their retirement. Similarly, they are not financially prepared for unexpected conditions that may require them long term care services. The possibility of acquiring a condition that can result to disability in at least two activities of daily living is quite high for people aged 65 and above. At 68%, most seniors will likely be susceptible to physical disabilities and cognitive impairment and would need specialized care in one point in their lives. Aside from these costs, there are even other medical services that one would have to shoulder and pay out-of-pocket if they do not have a sound insurance plan and coverage.

So what are the things interested LTC policy buyers should know in order to save on long term care?

Long term care costs vary.

The cost of care differs in every state, in every region within that state, and in every care setting. Genworth’s 2012 Cost of Care Survey, Alabama had one of the lowest median annual expenses at $34,320. West Virginia on the other hand had the lowest median annual expense for home health aides at $35,464. In terms of adult day health care, $7,800 was the lowest at Texas. For those who would like to get into an assisted living facility, they may consider going into North Dakota which had the lowest annual rate at $30,000 for single occupancy.

Additionally, LTC costs also vary among insurers. Policy buyers can consult and discuss their needs with either LTC agents or insurance brokers who can help them shop for the best deals. Each of these insurance professionals have their own rates so try to compare their offers to find the most affordable prices.

Buy a policy early.

It is highly recommended that one should purchase a plan while they are younger or before becoming 65 for seniors. When one is younger, he is likely to be healthier. Therefore, the chances of getting underwritten and receiving approval are higher. It can also help one save on premiums for about 10 to 12%. The prices of LTCI also increase annually so buying today can make a significant difference.

Be familiar with available discounts.

A good health today can help a policy buyer avail of good health discounts. Married couples and partners are eligible to spousal discounts which can save them about 15% to 40% annually. Also, group discounts can also be taken advantage if a plan buyer’s job can make him eligible for coverage.

Understand Long Term Care Partnership

Each state has different rules of LTC partnership. This program can help individuals who have LTCI save on long term care by protecting their assets from Medicaid’s spend down requirements.

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Keywords: what is long term care insurance, long term care planning

By: hellisi

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