If you are 65 today, you have a 70% chance of requiring some type of long term care before you pass away, according to the U.S. Department of Health and Human Services.

It Is Estimated That Women Will Need 3.7 More Years Of Long-Term Care Than Men

Many have not accumulated enough wealth to fund this for themselves and yet, often, the resources they do have do not qualify them for any state-funded services. Thinking of this before you are retired is helpful and looking into paying for long-term care insurance is an option. These premiums vary according to age and health status but they can cost a lot.

In This Post, We Have Included Some Tips To Reduce The Cost Of Long Term Care Insurance

Don’t wait until you are a senior; get it while you are young. Naturally, premiums for LTC insurance increase the older you get. If you purchase a policy when you are younger, it can mean less expensive premiums. Keep in mind that premiums can increase as you age so make sure you discuss this with your agent.
Consider a shorter term. The policies that cover you for a lifetime cost the most. Statistics show we will likely not need LTC for more than five years, so you can reduce insurance costs by selecting a short-term policy rather than lifetime.
Increase the waiting period. There is usually a 30-90 day waiting period before coverage begins. If you can lengthen this period, your premiums will be cheaper.
Cut down on daily benefits. If you are able to fund a portion of your LTC needs on your own, you can reduce the daily benefit amount on your policy. This will be a shared pay which will offer you some lower premium choices.
Married Care. Married couples who are both purchasing LTC insurance, can seek policies that are for shared care for less. These policies provide a pool of benefits that you share between your spouse and you. If you buy a 5-year shared care policy, the two of you would have 10 years of benefits. If your spouse uses three years, you would have 7 years of benefits to use.
Seek a tax deduction. If you seek a premium for “qualified” LTC benefits, your premium can be deductible depending on your age and tax year.

At Keystone Law, Francisco Sirvent assists people with their legal questions every day. Check out our videos or if you want to schedule an appointment, call us at (480) 418-8448. We offer services for clients throughout Arizona, including Chandler, Gilbert, Sun Lakes, Tempe, Phoenix, Mesa, Scottsdale, and Apache Junction.