What Affects Long Term Care Insurance Cost Estimates?

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Long term care insurance was introduced several decades ago, but it is only just recently when people hear a lot about it, primarily because of the growing number of Americans who need such kind of coverage. Because there is still a lot of work needed to create public awareness about this product, consumers often find the entire process of choosing the best type of policy confusing. Fortunately, with help from long term care specialists, and by comparing long term care insurance cost estimates, the entire process can be easier.

Long term care insurance specialists can explain to you in detail the different options and riders that are appropriate to your needs and preferences. They can also help you understand long term care insurance quote and the factors that affect it, making your search for an affordable coverage less frustrating.

Your specialist can give you guidance on how to control these factors to create an affordable policy that can provide the appropriate financial aid in the future.


Factors that Affect Long Term Care Insurance Cost Estimates

  1. Benefit Amount – This is the maximum amount of benefits your policy will pay in the event you file a claim. Benefits can be paid either daily or monthly, depending on your preference. To figure out the right amount of benefits, work with your specialist in determining the actual costs of long term care services in your area.
  1. Benefit Period – This is the length of time your policy will pay benefits. Long term care insurance companies usually offer benefit periods of 2 years, 3 years, 4 years, 5 years 10 years or even unlimited benefit period. A good policy must have at least 3 years benefit period since the average length of claim is 2.8 years.
  1. Inflation Protection Rider—This insurance rider increases the daily benefit annually, protecting you from the increasing costs of services. Since this rider can double your premiums, it is crucial for you to determine the right level of protection to get.


inflation protection riders

  1. Elimination Period – This is the length of time you have to pay for your care before your policy starts paying benefits. Elimination periods may range from 0 to 180 days. The longer it is, the less expensive premiums will be.

There are other factors that affect your long term care insurance cost estimates but they are not as controllable as the factors discussed above. These are your age, family history, and your health condition. Just like other insurance products.

Compare long term care insurance cost estimates now to find that best policy that would protect your assets and family from the devastating cost of care.

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