How To Get Low Cost Long-term-care Insurance?
Most people rant on how pricey long term care insurance is; no doubt why they are
indecisive in getting coverage for themselves and would rather take the more complicated alternatives to pinch pennies. For most people, its not the quality of services they worry about but the expenses for prolonged care that could bust their savings.
If long term care costs were only less expensive, more elders would get LTC insurance. But, it is quite fair that insurance industry nowadays is coming up with new framework to lower the prices of long term care policies and to make it more affordable. The state governments are helping people avail partnership policies to shy away from catastrophic financial risks.
So How Can I Get Inexpensive LTCi?
This is a one million dollar worth question. You dont want to appear as if you are low-balling the costs of insurance, and probably thats not the real thing, right?
The often overlooked and misunderstood way of getting nominal LTC policies is buying policies for the maximum length of three or five years. The Genworth Financial, one of the leading insurance companies, stated that the average claim is two and a half years. The American Association for Long Term Care surveyed insurance companies throughout the country and revealed that policyholders with three-year benefit period file claim and do not exhaust their benefits. That is a good point why three to five year coverage is already sufficient.
Some people develop chronic illness, such as Alzheimers or dementia, which would require them to heighten their premiums to cope with the expenses. However, that is not a good idea because there are ways to confront the problem without increasing your premiums and blowing up your expenditures. Most of the states nowadays are offering partnership programs that help you qualify for Medicaid without exhausting your benefits one you lose your LTCi benefits. The rules for qualifying on partnership policies vary from state to state, but the standard is this: For instance, the insurance company pays $20,000 worth of benefits, you can keep $200,000 assets from Medicaid regardless of what the law requires. The partnership program prevents people from becoming impoverished due to Medicaid asset requirements.
Dont worry too much in getting low premiums, but pay attention in your insurance companys reputation to avoid some worst case scenarios. Some people are looking after the lowest possible LTC policies only to end up in the wrong company. Theres no point negotiating for long term care insurance in a company who evades from paying claims and raises rates unreasonably so policyholders wont be able to afford them. Always go with a broker who differentiates the sweet spots of several insurance companies
Keep in mind that premiums are not guaranteed fixed, so expect the rates would go up. The price of LTC is very much uncertain, so the only way is to decide when to purchase your insurance. LTC experts recommend the best time to purchase insurance is in your fifties because the premiums are much lower.
Some people prefer to cover the entire possible scenario for maximum protection. However, that is not a particular solution because modern long-term care policies allow you to balance coverage and costs.
by: Jenny Nielsen
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