There is a smart and simple savings techniques allowing consumers to save hundreds of dollars annually when purchasing long-term care insurance protection according to the director of the American Association for Long-Term Care Insurance.
“Consumers are not aware of ways to save on long-term care insurance and regrettably many agents do not share an opportunity worth considering,” shares Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). Slome was discussing long-term care planning with consumers seeking to purchase coverage for the first time.
“A 55-year old couple is typically presented insurance coverage that includes an annual three percent growth of benefits,” Slome explains. “But there are two options some insurers offer that can reduce the cost by 15 percent yearly.” Over many years, the expert shared a consumer could be expected to save between $8,000 and $10,000.
Slome shared the example of a husband and wife who each purchase a policy with an initial pool of benefits equal to $164,000. “Because costs are very likely to rise, it makes sense to add a three percent growth of benefits option that will increase their total potential benefit pool at age 75 to $575,000.” The annual cost for the policy will be about $1,850 for the couple assuming their health is good when they apply.
“We hear from consumers who are typically shown a policy where the benefits increase longer than 20 years and that costs more,” Slome explained. An identical policy that does not cap the benefit growth after 20 years will cost $2,150 yearly for the couple. “If saving money is important, which it often is when you are buying an optional product like long-term care insurance, this can be a prudent way to plan and save,” Slome suggested.
Not all long-term care insurance companies offer this option Slome shared. “That’s one of the many reasons we recommend working with a knowledgeable LTC specialist who will educate you and have access to the leading and more innovative policies,” he added.
To obtain long-term care insurance costs from a specialist, contact the American Association for Long-Term Care Insurance by phone at 818-597-3227 or click the request a quote button on the Association’s website.
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