Having a long term care insurance policy is very important these days as the cost of care continues to rise. This insurance product will help you pay your long term care (LTC) expenses but a carelessly designed policy could result in huge long term care insurance cost.

To avoid falling into an unmanageable financial situation due to picking the wrong insurance coverage, experts have one simple advice. That is to request LTCI quotes before putting down your money for a specific type of policy.

Had there been a single LTCI policy that is designed for everybody regardless of health care requirements and budget limits, it wouldn’t be necessary to request LTCI quotes. However, this is not the case because insurance firms know too well that each person has unique LTC needs and thus explaining the variety of LTCI policies that they offer.

Most policies provide complete coverage for all types of LTC settings but there are still some that provide limited coverage. If you are thinking about acquiring care at home, be sure to obtain a policy that will pay 100% of your in-home care expenses. On the other hand, if you are expecting to spend more years in a nursing home, pick a policy that will pay the total expenses that you will incur in this facility and perhaps allot 50% of your total nursing home coverage for home care or assisted living.

Though it would be nice to bring home a policy that has all the ideal components, you also have to think of the premium that you’ll be subjected to. If you want to receive 100% coverage in all LTC settings but you have a limited budget, then you have to adjust your elimination period or inflation protection so as not to wind up spending more than the amount of money that is available to you.

In other words, you should recognize not only your LTC requirements but your budget limitations before buying a policy lest you fall into the financial hole.

Knowing Your Long Term Care Insurance Cost

Another determinant of your LTCI premium is your age. If you are going to buy your policy between the ages of 40 and 50 you are likely to pay an annual premium that is less than $2,000, but if you wait to turn 65 before clinching a policy you can expect to pay a higher price.

The key to an affordable coverage, as LTCI specialists often explain, is perfect health. Young people especially those who are nowhere near 55 are less likely to require serious care in the next 10 years that is why are able to lock in the preferred health discount.

Meanwhile, if you’re married and you purchase a joint policy after retirement, you and your spouse might manage to receive a couple’s discount. Still, your total annual premium will be much higher than that of a younger policyholder.

Long term care insurance cost should not be cited as one of the major reasons behind the growing population without LTCI. It simply boils down to setting one’s priorities and LTC planning should definitely be in that list.

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