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Premiums vary greatly in Long Term Care Insurance. We represent most of the major Long Term Care Insurance companies and we find differences of 10% to 50% in the premium charged for essentially the same policy benefits. Use an independent broker who will give you a quote and represent you.

A 0 day elimination period makes the premium higher than a 90 day elimination period. Most people can afford to pay the first 90 days, and Medicare, HMO’s and Supplements may cover all or part of these expenses. It works just like an auto insurance policy deductible…the larger the deductible the lower the premium will be.

Cover the catastrophic need. Lifetime coverage is most desirable, since you will not outlive the benefits. Although it does not happen often, a long term care need can last for over 10 years. This allows enough time to plan your estate disposition. Any property you transfer within three years of a Medicaid Application is subject to possible reversal and criminal penalties.

Birthdays increase the premium anywhere from 4% to 10% depending on your attained age. By purchasing when you are younger and in good health you will always pay less premiums and your coverage will be assured for a longer period of time.

Most insurance companies offer a discount for a husband and wife applying for coverage at the same time. A few insurance companies offer discounts for a joint applicant. Any two individuals living together in the same household may qualify for this benefit.

Anyone under 70 should give strong consideration to either a simple interest or a compound interest Cost of Living Adjustment (COLA) Rider. This will allow your benefits to keep pace with inflation. If you are approaching 70 and find the cost of the compound inflation rider prohibitive, consider the simple interest inflation rider, or purchases somewhat higher benefits that you need today without the inflation rider to compensate for future long term care costs.

If nursing home costs are currently $150 a day in your area, and you can only afford a day plan, go ahead. Right now you are self-insuring 100% of the exposure. It is certainly better to have two thirds (66.7%) covered now than nothing at all. Don’t procrastinate because of high premiums. Pick a premium you can afford and purchase a Long Term Care Insurance plan based on your budget.

Studies show that the most important reasons people purchase Long Term Care Insurance is to protect assets and to assure that they will not be dependent on others.