Pains Of Long Term Care Insurance Premiums

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No one can offer you a long term care (LTC) plan that is capable of providing what long term care insurance policies can

. Although these products are ideal to have, long term care insurance premiums are not cheap so it is definitely necessary to allot a budget for your policys annual premium.

Comprehensive long term care insurance (LTCI) policies are designed to foot the LTC expenses of insured individuals regardless of where they receive care. These policies, however, do not come in a fixed price as they are dependent on the age and health of a buyer.

Young and healthy LTCI buyers have the privilege of paying low annual premiums, but those who wait until they are close to, or over, the age of retirement before purchasing should assume higher rates.

When a person is young and his health is still in tiptop condition hes not at risk of requiring care in the next 20 years or earlier. On the other hand, 50-year-old buyers of LTCI policies are more likely to submit a claim in the next 10 years and cease premium payment that is why they pay higher premium rates.
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In order to avoid putting all of your money on your policys premium, plan it early. LTC, after all, is not only designed for the old and weak as explained by health care professionals and LTCI experts. Statistics have even revealed that 40% of the population that is currently receiving LTC comprises of 18 to 64-year-old individuals.

Chronic sickness and serious injuries sustained from accidents trigger LTC but the bulk of patients hail from the elderly population because older people are more susceptible to incurable health disorders as a result of a weakened immune system.

Saving on Long Term Care Insurance Premiums

Financial advisers and LTCI professionals never said LTCI policies are cheap. In fact, they have been egging the public on clinching these insurance products early on in their lives because it would require a lot of money.

Though expensive, one can spare himself from high annual premium if he studies the components of a potential LTCI policy before making a purchase. If you are aspiring for a policy with a high maximum benefit amount, lifetime benefit period, no elimination period, and a 5% compound annual inflation protection then you will no doubt subject yourself to a very high annual premium.

Unless you have a genetic predisposition to a certain type of chronic illness, it is not logical to buy a policy with all the ideal components. Planning for your LTC does not mean you have to forget about saving. Keep in mind that saving is part of the plan.

If your nest egg is weak, how can you possibly maintain your annual premium not to mention your personal needs and little whims?

Going for a shorter benefit period such as three years can cut down a chunk of ones long term care insurance premiums. Should he or she require further care later on, she can turn to her resources or if shes lucky to have had purchased a partnership LTCI policy, then Medicaid wont be far behind.

by: Julienne Howard

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