In this article in the Senior Journal, you can find several tips on how to reduce the cost of your long term care insurance.
A summary of the tips is as follows:
- The first suggestion is to choose a shorter benefit period. The majority of people will not need more than 5 years of coverage, unless you have a family history of chronic illness.
- Buy your long term care insurance when you are younger. The younger you are, the cheaper your premiums will be.
- Purchase a shared care policy. If you and your spouse are purchasing long term care insurance, a share care policy may give you both greater benefits for less money.
- Choose a longer elimination period. The longer you have to wait before your coverage begins, the cheaper your policy will be. However, keep in mind that until the policy begins their coverage, you are responsible for payment.
- You can reduce the daily benefit. You can purchase coinsurance to help cover the daily benefit.
- Purchase inflation protection. There are several options to help you here. Inflation protection increases your benefits to keep up with the rate of inflation.
- Your long term care insurance premiums may be tax-deductible.
So there are ways to save on your long term care insurance premiums. Each situation will vary, so be sure to consult with your insurance representative to find what works best for you.