Part 4 – The Basics
What factors determine the cost of Long Term Care Insurance?
- Your age at the time you apply.
- Your health. Most companies have premium rating categories based upon health.
- Your marital / partner status. Couples may be eligible for a discount.
- What features you want. You choose parameters and options like the length of the Elimination / Waiting Period; Inflation Protection; and various Couple’s Benefits.
- 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.
- 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?”
LINKS ABOUT BUYING LONG TERM CARE INSURANCE
- FAQ’s for Buying Long Term Care Insurance
- Why Do I Need A Long Term Care Insurance Policy?
- Buy Young
- Hybrid vs Traditional Long Term Care Policies
- How Do I Pick A Long Term Care Insurance Carrier?
- Consequences Ahead
- It Ain’t Your Grandma’s Medicaid
- Affordable Health Care Act vs Long Term Care Insurance
- Federal Veteran Benefits for Long Term Care
- State VA Benefits for Long Term Care
- Glossary of Terms for Long Term Care