4 Ways to Keep Your Long Term Care Insurance Costs Cheap
Tuesday November 18, 2008
The best way to get cheap long term care insurance is to buy it when you are young and before you have any major physical problems. But that is not always practical and often times, long term care insurance is not something one thinks about until later in life.
If you forgot to think about long term care insurance when you were young, there still are ways to get a good, cheap rate. Find out more about long term care insurance and how you can save money on your policy at 4 Ways to Keep Your Long Term Care Insurance Costs Cheap.
Comments
I complement you on taking on such a difficult-to-comprehend subject as LTCi; however I need to respond to 2 of the points you make under the general heading of “Keeping your long term care insurance costs CHEAP” I agree that it is a “generational thing” almost incomprehensible to people under a certain age (55); but…
1 I believe it is a false sense of security to keep the daily amount low ($150.00/day, this is an underestimation) when the prevailing costs in your area may be (San Diego, CA) as high as $240.00/day (min wage $10.00/hr)for care; the extra costs are an enormous drain on family savings.
2. Shortening the period of coverage needs rethinking when the Medical Profession has allowed people to live LONGER but not healthier; and the costs of long term care may not be covered in later life by either Medicare or Medicaid (Deficit Reduction Act 2006).
I recommend Long Term Care insurance with guaranteed full premium refund because it provides peace of mind as a LIFE benefit; and preserves the chance of a legacy with the full premium refund as a death benefit.
I recommend spending as much as one can; one deserves the dignity of care at HOME after a lifetime of work, and the net estate isn’t compromised, when the premiums are refunded.
This option becomes more appealing Jan 1st 2010, when tax-deferred savings may be moved taxfree into QLTCi (Qualified Long Term Savings Insurance)(PPA 2006); and the beneficiary receives a non-taxable legacy!
I too believe that the policy benefits should be properly aligned with the rising cost of care and that the insured should understand what is covered and not covered. In addition, I believe people are having trouble making the decision to purchase LTCI because of “What If I never use the benefits”. The full return of premium rider is a good solution, however, “care protector plus” could offer significantly better benefits for no additional cost.