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Long-Term Care Insurance - The Best Way to Save Money on Your LTC Insurance Premium

Long-term care insurance has a reputation forbegin to need care and every day counts, even
being expensive, especially for people whoif you do not receive care every subsequent
have waited until they were in their 60's orday thereafter. Other companies use a "days
70's to investigate coverage. But there areof service" method, whereby it must be a day
ways to lower your premium amount. Also knownthat care was actually received. In the
as the deductible, the elimination period isoverall picture of LTC insurance policy
similar to deductibles with other types ofdesign, the method used to satisfy the
insurance coverage, such as your automobileelimination  period is a minor consideration.
or homeowner's insurance. However, instead of
being defined as a dollar amount, with LTCIn determining the elimination period most
insurance it is defined in days between theappropriate for your situation and how that
time you begin to need care and the time thetranslates into out-of-pocket dollars,
policy begins to pay benefits. For example,consider  two  important  points:
if you need long-term care services, and you
had purchased coverage with a 100-day1. Your risk tolerance philosophy and whether
elimination period, on the 101st day of youror not you believe in co-insuring a small or
need for care, your "deductible" would belarge amount of your potential long-term care
satisfied and the policy would begin to paycosts.
the  benefit  amount.
2. The average cost of care in your area. Use
The elimination period is the most practicalthis figure to calculate your out-of-pocket
way to save money on your premium. Fordollar risk for various time periods by
example, a period in the range of 100 daysmultiplying it by the average cost of care
can save a significant amount of premiumper  day  in  your  area.
dollars  over  a  lesser  time  period.
If you view LTC insurance as a highly
The more days that you are willing to pay forcatastrophic type of insurance, consider a
your care out of pocket before your policytime  period  higher  than  100  days.
begins paying benefits, the lower your
premium  rate.True long-term care is needing assistance for
a period beyond 100 days. Short-term care,
You can choose a variety of eliminationcare needed for less than 100 days, can
periods, ranging from a zero-day - whichnormally be paid for without significant
would pay benefits from the first day youhardship to the person receiving the care or
needed long-term care services - to as hightheir family.In certain instances, a
as  3  years  or  longer.percentage of short-term care may even be
paid for by your health insurance or
There are various methods for calculating howMedicare. For these reasons, always
the elimination period is satisfied. Someconcentrate your premium dollars on true
insurance companies use a calendar daylong-term care. This means choosing an
method, whereby it starts on the day youelimination period of at least 100 days.



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