Many seniors require long-term care. Long-term care insurance helps pay for nursing homes, assisted living, and in-home care. This blog article will discuss five practical ways to lower the cost of long-term care insurance without sacrificing coverage.
Start early: Starting early is one of the best strategies to lower long-term care insurance costs. Younger and healthier people pay cheaper rates.
Compare Policies and Providers: Before choosing, compare long-term care insurance policies and providers. Shop around for various insurance quotes since rates might vary greatly. Find suppliers with good customer service and claim payments. Ask questions about obscure policy specifics.
Combined long-term care insurance coverage: If you’re married or in a committed relationship, consider combined long-term care insurance coverage. You and your spouse may enjoy advantages at a lower cost with shared plans. This may save costs while protecting both parties.
Adjusting coverage and deductibles: Adjusting coverage and deductibles may also lower long-term care insurance costs. If you require treatment, be sure you can pay the deductible but higher deductibles decrease rates.
Consider Combination plans: Hybrid long-term care insurance, often known as combination plans, may lower costs. If you don’t require long-term care, these plans give a death benefit or premium refund. Combination plans provide financial stability and peace of mind at higher rates.
To know more, visit https://www.epgbenefits.com/product-and-services/long-term-care-insurance/
Disclosure: Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc. The material contained in the herein is for informational purpose only and is not intended to provide specific advice or recommendations for any individual, nor does it take into account the particular investment objectives, financial situation or needs of individual investors.