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As it is, the costs for long term care insurance are quite high in order to cover the expensive long term care services. On top of that women have to pay much more than men when it comes to long term care insurance costs. It has been found through surveys that insurance companies generally charge a higher premium for women.
The difference in costs can be attributed to reasons such as women suffering more from chronic diseases or having longer life spans than men. The huge probability of needing long term care during the golden years makes it almost imperative that everyone should have some kind of long term care insurance. This is even more important for single women who do not have a spouse who can take care of her.
Even though women are charged higher premiums, they necessarily do not have to pay those high costs. By adopting some measures and careful planning they can get a suitable long term care plans at reasonable costs.
You need to consult an independent financial advisor to discuss your future plans and needs, financial condition, assets and liabilities etc. Then you can get a clear picture of how much you can afford to pay for long term care insurance or seek alternative ways to cover your long term care costs.
Married couples can buy a policy which offers shared benefits, which can help to lower premiums. So the higher cost for the wife will be off-set by the lower cost for the husband.
When long term care policies also serve as a life insurance policy they are called hybrid policies. The benefits are paid out either as life insurance benefits or coverage of long term care costs. It will make sense to buy such policies even if they are on the higher side.
If you have a high-deductible medical insurance plan you can open a HSA where you can deposit your money to be used for paying premiums of long term care insurance plans. The money kept in these accounts is exempt from taxes.
By adjusting the benefits and coverage limits, it is possible to lower premiums.
After assessing your needs and you budget, if you decide to buy long term care insurance ,then comprehensive knowledge of all available plans, benefit and rates and an early start should get you a decent policy to cover your long term care costs at affordable rates.