Wednesday, November 2, 2011

Cheaper Long Term Care Insurance Premiums for Younger Applicants

Some of you may have wondered what standards or guidelines some insurance companies follow in order to determine the prices of long term care insurance premiums that they grant a certain LTC insurance policy, and what you can do in order to avail cheaper rates in case you finally decide to purchase a policy for your future LTC needs.

There are some things that not all people know about how companies determine the rates of their clients' LTC policies. This sometimes lead to the thought that LTC plans are only for those who earns more and are not for those who belong below the poverty level or even to those who are among the so-called average income earners.

Yes, LTC insurance plans may be a bit expensive and might even be a burden to one's financial resources but there are still ways on how to get cheaper monthly premiums, if only some people would give extra time in researching and inquiring for these possibilities.

There are certain government programs that aim to help the majority of the population experience and enjoy the advantages of owning LTC insurance policies. These programs were also designed and implemented to help lessen the average of $1 billion a year LTC-related expenses of Medicaid and to encourage more citizens to avail policies from other insurance providers.

One good example of these is the Partnership program that offers cheaper and more affordable long term care insurance premiums to the public without sacrificing the quality of LTC services and facilities that they will get once they receive their policy benefits.
In fact, this program offers two more additional and unique features such as the Dollar-for-Dollar asset protection feature and the reciprocity standards that give the policyholders more chances of being qualified for Medicaid benefits should they need additional LTC coverage.

One may also like to consider purchasing their insurance plans when they are still young and have steady financial income to pay for their monthly premiums. Most insurance companies prefer younger applicants and to attract such people, they grant them cheaper monthly rates and even additional benefits, like higher levels of inflation protection.
Inflation protection is important in any type of LTC insurance plan because it can adjust the value of the insurance policy according to the current costs of LTC services, regardless if the policy was originally cheaper.

An individual with no major health concern when he applied for an LTC policy would also likely get lower policy rates. The medical background of his family members would also be asked and considered in order to know beforehand if there are any hereditary illnesses and major health issues that need to be addressed. The insurance provider will then decide of the other possible LTC services that the person might need based on the medical details that he provided, and quote him accordingly.

These are just some of the ways on how to get cheap long term care insurance premiums. An individual is advised to contact his preferred insurance provider for more information and detailed explanation and to address his other concerns regarding owning an LTC insurance policy.

By: Beatrix Lewis
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