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How to Get Good Rates for Long Term Care Insurance

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 How to Get Good Rates for Long Term Care Insurance
How to Get Good Rates for Long Term Care Insurance

How to Get Good Rates for Long Term Care Insurance

Long term care insurance policy is as important as buying a regular medical insurance. You never know when you might need to remain in a medical facility on a long term basis. Your regular medical insurance may fall short in such a situation. You are more likely to need extended medical attention during your old age. Then this policy can provide the much-needed financial support and help you get quality medical care.

You may think that an extra insurance policy cannot be managed by you. But this is not so. If you know the tips and tricks to lower your monthly payments you can very well afford it and save big. Be sure to keep the following points in mind before you buy your policy.

Factors Which Help to Get A Better Deal

  • Understand your needs
  • This is the first and basic step in shopping for long term care policies. Assess your personal needs and choose the policy and its terms accordingly

  • Age of the applicant
  • Even though this type of insurance is especially useful during the old age, you can buy it when you young. This will help to get a lower rate of premium.

  • Special concession
  • Buying this insurance at a younger age has another advantage. You are more likely to be good physical condition when you are young. This will get you a special discount from the insurance company. If you are healthy, you are less likely to need long term care. So the insurance company can give you a concession on the rates for that.

  • Length of the benefit period
  • The lower the length of the policy the lower will be the premiums. Commonly 3 years is the chosen length for the benefits to continue at a stretch, but you can adjust it to get a better deal.

  • Donít add unnecessary riders
  • You will be required to pay for every additional benefit that you want to be added to your policy. Choose the extra benefits wisely and donít add those that you think are not very applicable to you.

  • Deductible period
  • Insurance policies have a deductible period only after which the insurance company will start paying the benefits. You have to bear the costs on your own if you need during that period. If you choose a longer deductible period then your premiums will be lower.

  • Provision for inflation
  • A long term care policy is usually purchased for a long time. The costs will keep going higher every day. When you buy the policy you should make sure that there is provision for keeping up with the inflation.

  • Compare and shop
  • This is a major way of getting good deals. Similar plans may be available at varying rates. You have to compare a few plans and their benefits. This will help you to buy a suitable policy at affordable rates.

  • Buy from good company
  • Before buying your policy you should research the customer satisfaction and credibility of the company. Go through the terms and conditions in detail before signing up. You can bring up any objectionable clause and talk to the insurance company.

By following these tips you will find that you can get long term care insurance policies at reasonable rates. It will be worthwhile to invest this time on comparing the different plans as that will save you money in the long run.

How to Get Good Rates for Long Term Care Insurance

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