I recently came across what I thought was a pretty good list to keep in mind when considering affordable long term care insurance.  (I know it’s a plug but if you haven’t read Insider’s Secrets then check out the guide.)

Below are the top 10 tips on buying affordable long term health care insurance:

1. Apply for long term health care insurance policy when you’re around 30.   Not only will it cost less but it will protect you from an unforeseen incidents like an illness or accident.

2. Ask your company whether long term care policies are offered as optional benefits.  Group coverage is usually more affordable especially over the long term.

3.  Couples need to understand they face more risk because there are two of them inside one possibility which increases the risk.

4. Think about aspects like waiting period, benefits, etc.   Get expert advice on choosing the best coverage possible and by all means read the guide before you speak to anyone.

5. Buy a long term care insurance policy that is qualified under the health insurance portability act of 1996. Qualified policies are eligible for tax deductions and pay out tax free benefits.

6. Make sure your long term care insurance policy is guaranteed for life so that the policy cannot be cancelled if you fall ill.

7. The long term care policy you purchase should not require hospitalization. The policy should cover home or nursing home care too.

8. Buy a long term care policy that is comprehensive from a company that is reliable and has been in the business for several years…although the bottom line is their underwriting and contract (Read Insider’s Secrets for more info.)

9. Always check the insurer’s financial strength, check for complaints and if possible ask the agent how much the company has written in claims.

10. Ask the insurance company to send you a draft policy for reading through before buying along term care policy. (This is debatable as I’m pretty sure every state has consumer protection laws, like a 30 day grace period.  It’s actually better to apply sooner than later and then if you don’t like the contract cancel the policy or replace it.  As I mention over and over it’s the contract that make or breaks your policy.