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7 Tips for Buying Long Term Care Insurance

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7 Tips for Buying Long Term Care Insurance -

Contrary to popular belief, long term care insurance are not nursing home insurance. Think of it this way, if you have a chronic illness or become disabled and can no longer take care of you for a long period of time, you will need long term care services. care insurance long term can help you pay for the care you need in the setting you prefer, for example, infostats_LTCI_52percentconcerned as your home. Here are some tips to get coverage:

1. Buy with your spouse or partner. Long Term Care Insurance companies offer discounts to couples who are married or living together. You could save up to 30% if you apply with your partner. Most carriers will always give a partial rebate even if only one of you is approved. The discount applies to married couples and domestic partners.

2. Consider shared care. A useful feature of long-term care insurance policies is shared care. This is an additional feature that you can purchase that allows a couple to share the benefits of each policy. For example, Mr. and Mrs. Smith each purchase of $ 0,000 in benefits. Mr. Smith became ill and uses its $ 0,000. Ms. Smith's policy is intact. Because they shared the care, it can draw on its benefits for additional coverage. Shared care can be valuable for any couple, but especially in cases where there is a big age difference.

3. Watching inflation hedge. Inflation coverage is added a rider to a policy that helps the amount of the benefit follow inflation. This is necessary because the amount of coverage you buy today may not be enough to cover your care when you're in your 80s, the average age of people who file claims. But inflation hedge can double the cost of your policy, it is important to choose wisely. A counselor who specializes care insurance in the long term can guide you through the various options that are available.

4. Buy before your birthday. You'll save money if you buy before your next birthday because of long-term care insurance rates are based on age. Another reason to avoid putting it off is if you wait too long, your health could decline and you may not be eligible for insurance.

5. Ask about any tax as possible delisting. long-term care insurance premiums are tax deductible if you own a business or have high health care costs. If you have a part-time business, such as tutoring, you may be able to receive radiation. Consult your tax advisor.

6. Know what looks like a medium shot. If you are like most consumers, you can be sure of how much coverage to buy. An average plan can provide $ 5,000 per month in benefits to a maximum of $ 180,000. An elderly couple aged 55 could pay $ 185 per month for their coverage. Your needs may be different and a counselor can help design a plan based on your personal situation.

7. Consult an expert. Most insurance agents sell very little long-term care insurance. They often do not have the expertise in this product to help you modify it to meet your needs. Once you have done your research, you'll want to work with a specialist in long-term care that customize a plan for you.

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