Buy Your Policy Early
Long term care insurance rates are based upon age. The younger you are when you apply, the lower your cost will be. Additionally, the cost of waiting to buy a policy can be significant, especially when taking inflation into account.
For example, consider sample premiums for a married 55 year old buying a policy today with inflation protection versus waiting 10 years to age 65 to buy a policy later.
|*Purchase Age||*Daily Benefit||*Monthly Premium||*Premiums Paid to Age 90|
Receive a Preferred Health Discount
Your health history may affect your long term care insurance premium by as much as 50%.
- $141 month (Preferred 15% discount)
- $167 month (Standard rates)
- $208 month (Sub-Standard rates)
How does one qualify for Preferred rates? Well, for example if you are in good health & even if you are prescribed medication to control blood pressure; or cholesterol; or to regulate your thyroid you will qualify for Preferred discounts.
Apply For Long Term Care Insurance With a Spouse or Partner
Discounts for applying for coverage with another individual such as a spouse or a partner can reduce your long term care insurance costs by 15%-30% annually. Some insurance companies require both individuals to apply for coverage to maximize the discount. Some companies, though, still offer a discount even if only one married or partnered individual applies for coverage.
Take Advantage of Tax Deductions
Long term care insurance offers significant tax deductions.
Long term care insurance premiums are considered medical expenses under the Internal Revenue Code. If your unreimbursed medical expenses exceed 7.5% of your adjusted gross income, these expenses will be an itemized deduction on Schedule A.
Even better, if you are a self-employed business owner such as an S-Corp, Sole Proprietor, Partner, or LLC you may deduct 100% of your long term care insurance premiums subject to age based limitations.
Best of all if you are a C-Corporation, you may deduct 100% of your long term care insurance premiums without any age-based limitations on the amount of the deduction.
Compare Costs of Policies
Do you know that similar benefits may cost 20% to 90% more premium from company to company. Yes, it pays to shop around.
Consider sample costs for a married 60 year old Michigan resident in Preferred health for benefits of $150.00 day, 5% compound inflation protection, 3 year benefit period and a 90 day waiting period.
|Mutual of Omaha||$182.07/mo.||+21.4%|
|New York Life||$284.31/mo.||+89.6%|
Let Us Help You Save On Long Term Care Insurance
LTC Partner is an independent long term care insurance brokerage that will provide you independent & objective advice on your long term care insurance options. For free quotes and information on all of the Top-Rated long term care insurance companies contact us toll-free direct at 800-891-5824. Or complete our easy long term care insurance quote request form. Thank you for reading our blog.