Atlanta, Georgia (PRWEB) March 31, 2014
As Long Term Care Insurance becomes a better-known product, it’s important people know how to find a reliable policy at a good value. LTC Tree, a Long Term Care Insurance online marketplace, is offering money saving tips to help consumers looking at policies get the benefits they want at a rate they can afford.
One of the easiest ways to save money on a Long Term Care Insurance policy is to shop around and compare multiple companies, according to LTC Tree. The nationwide network recommends consumers work with independent agents who can help them look at a variety of policies, instead of just one or two. Rates can vary up to 100% between providers, so be sure to look at several different companies before deciding which to buy.
LTC Tree also recommends considering a longer elimination period, or deductible, for someone trying to cut the cost of a policy. The longer the elimination period, the less expensive the policy. The most common choice that balances risk and value is a 90-day elimination period.
Taking advantage of discounts is crucial to getting the best deal on a policy, according to LTC Tree’s money saving tips. Most companies have discounts for spouses or partners, and there is often a good health discount, too. Different criteria applies across the different carriers, so LTC Tree recommends checking with an agent to see if qualifying for a good health discount is possible.
Inflation protection, while costlier up front, grows the value of Long Term Care Insurance benefits over time to keep pace with inflation. This benefit is indispensable and shouldn’t be skipped in order to save money, because the opposite will happen in the long run. A policy without inflation protection might be worth very little when the time comes for long term care 25 or 30 years after purchasing a plan. LTC Tree recommends a 5% compound inflation protection benefit, but anything is better than nothing in that regard.
Lastly, ensuring a Long Term Care Insurance plan qualifies for state partnership programs is a financially savvy move. Most states have partnership programs that offer spend down waivers for Medicaid care if the Long Term Care Insurance benefits have been exhausted but the policyholder still needs care. LTC Tree suggests checking with an agent to be sure the plan in question qualifies for the state’s partnership program.
Long Term Care Insurance can provide an invaluable benefit during retirement, but striking a balance between cost and benefits can help consumers save money in the long run and still reap the benefits of a policy.
LTC Tree is an Atlanta-based nationwide network of licensed agents whose goal is to help educate people about their Long Term Care Insurance options with no face-to-face sales meetings. We have years of experience helping consumers find the best Long Term Care Insurance benefits for the lowest rates. We help clients shop all the major companies to find the best plan at the best price and strive to give consumers a laid back, no pressure process of buying insurance.