Save money on long term care insurance by qualifying for good health discounts.
This money saving tip may seem all too obvious, but you can save 15% on long term care insurance with a Preferred Health Discount. That translates to savings of thousands of dollars. Never the less, field underwriters report that many healthy individuals reason that they can wait to buy coverage until a later time. Perhaps they don’t need coverage at all. After all, they’re healthy, right?
Well, this kind of wishful thinking is really shortsighted. If you are healthy and do live a long life to a ripe old age, the one thing you can be sure of is that you will probably need care and assistance in your golden years. For most, it won’t be a matter of IF, but a matter of WHEN.
Will You Stay Perfectly Healthy For The Rest Of Your Life?
Twenty or thirty years is a long time to maintain perfect health. Many significant health events come with little or no warning. Unfortunately, many don’t realize this until it’s too late. Even if they are still insurable, the increased cost for waiting too long may be prohibitive. Even worse, many will just become uninsurable. In fact, as many as one third of long term care insurance applications are declined for health reasons.
Will You Wait Too Late To Get Long Term Care Insurance?
Long term care insurance applicants under age 50 have only a 7% chance of decline, but long term care insurance applicants ages 70 and over have a 44% chance of decline. The older you get, the harder it is to health qualify for long term care insurance.
A more prudent long term care planning approach is to take advantage of one’s good health today for lower insurance rates and preferred health discounts that can save thousands of dollars. Remember, once you have been approved, you cannot lose your good health status even if your health changes for the worse in the future.
When it comes to buying long term care insurance, there really is no time like the present. Don’t be a penny wise and a pound foolish by using your good health as an excuse to pass up on buying long term care insurance. Make a wise financial decision and take advantage of your good health today to save thousands of dollars in insurance premiums today and tomorrow.
Save money on long term care insurance by getting a discount for insuring both you and your spouse or partner.
Long term care insurance companies realize that individuals with a spouse or partner are highly likely to receive at least some care from their significant other or another family member or householder. In addition, this care is likely to be provided in the home rather than in an expensive facility. Since this results in savings to the insurance company, discounts are offered to married adults/partners and even unmarried adults who are living together. In fact, some discounts even apply if only one of the two can qualify for coverage.
Many long term care insurance plans also extend these discounts to another family member or householder. For example, if a senior lives under the same roof with his/her son or daughter, both of them may apply for coverage and receive the same discount.
Save money on long term care insurance with an employer-sponsored long term care insurance plan.
Many employers are now offering long term care insurance as another valuable employee benefit. Some companies provide this insurance as a voluntary benefit (you pay all costs) while others will share in the cost or even provide a nominal level of protection. Some group long term care insurance programs provide simplified underwriting and a 5% discount for plan participants.
Although group long term care insurance may be a viable alternative for applicants already experiencing adverse health, healthy applicants can find better prices long term care insurance with an individual plan.
Long Term Care Insurance Discount Program for Professional Associations
Recent studies indicate that as many as 3 in 4 over the age of 65 will need long term care – care than’s not cheap. Long term care can cost from $50k-$100k per year or more! No wonder long term care is considered the largest unfunded financial risk in retirement. As a result, many professional associations and employer groups provide long term care insurance as a foundational member benefit to help their members protect their financial future.
Long Term Care Insurance Advantages For Association Members
- Premium Discounts Up To 5%
- Simplified Underwriting
- Choice of Top-Rated Long Term Care Insurance Companies
- Portability of Coverage
Long Term Care Insurance Advantages For Associations
- Adding real dollar value to membership that can help offset membership dues.
- Increasing member loyalty and membership retention.
- Attracting new dues-paying members.
- Building brand equity through co-branded long term care awareness programs.
- Growing non-dues income through marketing participation and advertising.
Long term care insurance can be very confusing. Not only are there many different programs and plan designs, but each of these has their own unique benefits, advantages and disadvantages. As a result, it’s imperative that your members get expert advice and direction in making a sound financial decision that will effect them for years to come.
