Happy couple with long term care insurance

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Lowering the costs of long term care health insurance.

Americans are living longer and that increases the chances of a person needing some sort of long term care, whether it’s in a nursing home, assisted living facility or in-home care. For the most part, Medicare and Medicaid do not cover long term care costs. Long term care insurance is becoming an important part of financial planning to help protect people’s assets. 

The factors that affect what you pay for long term care health insurance include: 

— Your age 

— The type of benefits you get 

— How long you wait 

Here are some ways you can save money when shopping for a long term care insurance quote.

Spend time shopping for long term care insurance. Rates may vary between long term care insurance companies. Try to get at least three quotes on policies with the same features.

Don’t pay more than you need to. The National Association of Insurance Commissioners has recommended that your long term care insurance premium is 7 percent or less of your income.

Can you get group coverage? More and more employers are adding long term care insurance as part of their health insurance benefits. You may save some money if your employer is subsidizing part of the long term care insurance costs.

Think about the waiting period. You can buy long term care insurance with different waiting periods: the time you wait after you start getting the care until the policy benefits kick in. The longer the waiting period, the lower your long term care insurance premium. However, you want to make sure you have the money to cover the costs during the waiting period.

Can you add long term care to your life insurance? If you already have a life insurance policy or annuity, check to see if you can add a rider for long term care benefits. It may cost less than a separate policy.

Joint long term care policies. If you buy a joint long term care insurance policy for you and your spouse, it may cost less than two policies. 

Here is some more long term care insurance information

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