Top Tips On How To Get The Best Long Term Care Insurance Rate

How to get the best long term health care insurance rate

If you’ve already read the guide, then some of this you’ll already know, but one of the top tips before ever talking to anyone about long term care insurance is to make a few local calls yourself. It’s always a good idea to call around to see what the actual cost of care is. For example, what does in-home care cost? What does assisted living or adult day-care cost. How about if you really get sick and need nursing home care. Once you know what the care costs you want to write down how you’re going to pay it for 3 years. Why three years?

The average statistic of people who stay in long term care facilities is 3 years. Now you might be the exception and need help for 5 years or 8 years or only 1.5 years, but nevertheless you’ll have to pay for the care. Once you figure out what you can pay or what portion you want to pay then you can speak to a specialist.

By way of an example, my father needed care for 8 months after going into renal failure following surgery. In 2004 his charges were around $5,000 per month for a total cost of $40,000. In my mothers case the insurance company paid the $40,000 but if they had not it would have impacted my mothers lifestyle. Almost 5 years later this care is probably in the $50,000 range…you know how health care costs are always rising.

In the worst case example if your monthly cost was $5500 over 3 years your expense would be $198,000. Adds up in a hurry. And if you’re married you run a much higher risk of experiencing a long term care cost. Again, this is covered in the guide, but since there are 2 of you your risk inside the marriage of needing care is actually increased. One way to get the best rate is to insure for what you need. Maybe you can easily pay a portion of the monthly bill but need help with the excess.

Agents and companies make money when you pay premiums but who says you need to insure against all the risk? Maybe you need to insure against half the risk. By calculating that you can really save on your premium. As an ex-agent and former LTC insurance specialist I encourage you to read the guide and watch the videos so you can learn more about long term care and long term care insurance.