Getting The Best Long Term Care Insurance Quote
Three tips to get the best long-term care insurance quote
One of the questions most-often posed to the American Association for Long-Term Care Insurance is "how do I get the best quote (or more simply put the lowest cost) for long-term care insurance.
Here are three tips that will help you in the process.
1. Is your insurance agent and 'agent' or a 'broker' (there is an important difference. An agent typically only can sell one company's product. A broker represents multiple companies. Here's why the difference is important. Each insurance company sets their own rates and health qualification requirements. Company "A" might be cheapest for a 55 year old single person ... but 40% higher than the cheapest company for a 62 year old couple. If your insurance agent only has access to one company's policy ... see if a broker can get you better coverage for less dollars (they may ... or may not). But it costs you nothing to ask.
2. What type of inflation growth options are offered? If you are in your 40s, 50s or young 60s, you really must include an inflation growth option so that the protection you buy today will keep pace with rising costs. But a 5% compound growth inflation can double or triple the cost of your base premium. Today, most companies have other less expensive formulas. Make sure you ask what's available and see what it can save you in premium dollars.
3. Start 60-to-90 days before your next birthday. Okay, everyone else is a procrastinator (not you, of course). It's easy to put off looking into long-term care insurance. But here's a tip: the cost for insurance rises each year on your birthday. So, if you have a birthday coming up soon -- you can save from 3% to 8% annually just by starting the process before your happy day.
If you are ready to obtain a free, no-obligation quote from a member of the American Association for Long-Term Care Insurance - simply click on this link.
This website is maintained by the American Association for Long-Term Care Insurance BUT our primary website for consumers is www.aaltci.org. Visit that website for the nation's largest online Consumer Information Center. Click Here to go there now.
Here are three tips that will help you in the process.
1. Is your insurance agent and 'agent' or a 'broker' (there is an important difference. An agent typically only can sell one company's product. A broker represents multiple companies. Here's why the difference is important. Each insurance company sets their own rates and health qualification requirements. Company "A" might be cheapest for a 55 year old single person ... but 40% higher than the cheapest company for a 62 year old couple. If your insurance agent only has access to one company's policy ... see if a broker can get you better coverage for less dollars (they may ... or may not). But it costs you nothing to ask.
2. What type of inflation growth options are offered? If you are in your 40s, 50s or young 60s, you really must include an inflation growth option so that the protection you buy today will keep pace with rising costs. But a 5% compound growth inflation can double or triple the cost of your base premium. Today, most companies have other less expensive formulas. Make sure you ask what's available and see what it can save you in premium dollars.
3. Start 60-to-90 days before your next birthday. Okay, everyone else is a procrastinator (not you, of course). It's easy to put off looking into long-term care insurance. But here's a tip: the cost for insurance rises each year on your birthday. So, if you have a birthday coming up soon -- you can save from 3% to 8% annually just by starting the process before your happy day.
If you are ready to obtain a free, no-obligation quote from a member of the American Association for Long-Term Care Insurance - simply click on this link.
This website is maintained by the American Association for Long-Term Care Insurance BUT our primary website for consumers is www.aaltci.org. Visit that website for the nation's largest online Consumer Information Center. Click Here to go there now.
