Long Term Care; Part 4 – The Basics

Part 4 – The Basics

Long Term Care - The Basics

What factors determine the cost of Long Term Care Insurance?

  1. Your age at the time you apply.
  2. Your health. Most companies have premium rating categories based upon health.
  3.  Your marital / partner status. Couples may be eligible for a discount.
  4.  What features you want. You choose parameters and options like the length of the Elimination / Waiting Period; Inflation Protection; and various Couple’s Benefits.
  5.  How much coverage you want. You choose the monthly and lifetime benefit amounts and decide how much of the risk you are willing and able to co-insure.
  6.  How long you want the coverage to last after you start needing care. You select the approximate length of time you want benefits to be paid.

 As you can see, this is highly customizable coverage and certainly not “one size fits all”.   Think of it this way… Because of individual eligibility, product complexities and essential personalization, saying to the representative, “I’m interested in long term care insurance; how much does it cost?” is exactly like saying to a realtor, “I’m interested in buying a house; how much are they?”

Part 1- Long Term Care,  The Basics

Part 2 – Long Term Care, The Basics

Part 3 – Long Term Care, The Basics

Part 5 – Long Term Care, The Basics


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