subject: Manage Your Long Term Care Insurance Premiums [print this page] Since a buyer of a long term care insurance policy has the free hand to dictate his maximum benefit period, maximum benefit amount, and inflation protection rider among other things, he naturally has absolute control over his long term care insurance premiums.
The ideal comprehensive long term care insurance (LTCI) policy should have a large maximum benefit amount, a long benefit period, a compound inflation protection, and a short elimination period. However, if all these factors will constitute your policy you will spend $6,000 or even more on annual premiums especially if youre already in your 50s or beyond.
You dont need to fork out a chunk of money that is almost equivalent to the average monthly rate of a private nursing home room. You simply have to request your insurer to tailor each value in your policy to your budget.
For example, instead of a 30-day waiting period why not opt for 90 days or 180 days? After all, strengthening your nest egg should be part of your long term care (LTC) plan. You can cover the LTC expenses that you would incur during your elimination period using this money.
Unfortunately, there have been many cases of ignored claims because many policyholders have failed to satisfy the waiting period which is stipulated on their LTCI policies and thus did not receive any benefits from their insurance.
Saving up is to ones advantage because in case his LTCI policy benefits get exhausted before he has reached the end of his benefit period, at least he can still continue to receive care but not pay as much as those without LTCI are shelling out daily, monthly and annually.
Affordable Long Term Care Insurance Premiums
Most of the time, its those individuals who took their time in requesting LTCI quotes and studying each rigorously that are happy and contented with their annual premiums.
These people know exactly what is stipulated on their LTCI policies; they can, in fact, recite it verbatim. Meanwhile, policyholders who reacted violently after their insurer did not pay out to them their insurance benefits even though they can no longer see, hear and speak clearly should review their policies, especially the fine print.
First of all, LTCI covers the LTC expenses of an insured individual who can no longer perform the activities of daily living (ADL) without assistance. There are six ADL and they are as follows:
Eating
Bathing
Toileting
Dressing
Transferring
Continence
Blindness and deafness are not covered by an LTCI policy except if these health conditions hinder the insured from performing ADL, which can be supported by his physicians records.
By studying the components of your long term care insurance premiums can be kept to a minimum and you will definitely have power over your benefits. Your insurer cannot tell you that you have not satisfied this or that requirement because you have read your policy in its entirety and understood its stipulation. Consult your insurance agent to guide you as you plan for your future healthcare needs.
by: Finella Parks
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