The most important thing to start your LTC journey is choosing the best independent broker to help you through your path.

 An independent broker should be able to show you personal quotes just for you and walk you through every step of the process, while answering any questions you have along the way. You cannot get all of the answers you need about long term care without a licensed broker. The process of obtaining long term care is a complicated process and there are many features to consider and that can be easily misunderstood or confused. Eventually you’ll need a personal agent to walk you through the long term care maze. This is not a bad thing though, because of the many options within long term care insurance, you can personalize your policy so that it fits best with your needs.

Beware of NON independent brokers

If an agent only works with one company then he or she is called a “captive agent” and can only show you the options that specific company has to offer whereas an independent broker can show you offers from multiple insurance agents. You want to choose an agent that can show you every possible option from multiple companies with different premiums and riders. 

What Kind of Independent Agent is the Best?

Your personal broker should be experienced in handling previous policies and the paperwork that goes along with it. He or she should be comfortable with handling paperwork at claims time and walking you through not only the process of obtaining the policy, but also when you need to use the policy. These steps are when the experience counts the most. You want to be sure your agent can ensure your claims approval.

7 Tips to Help Keep Your Premium Cost Lower

  • If you are currently a smoker, stop. People who smoke often have either higher premium costs or if they have other additional health issues they may not be able to get approved at all. 
  • The best time to purchase coverage is now! Better yet, yesterday. Why is this? Your annual payment amount is locked in the moment your policy is issued and will not be raised at the age you are when the policy is issued. 

(By waiting you run the risk of becoming uninsurable due to health or age)

  • Married couples can save anywhere from 15% to 40% depending on the company they choose. Certain companies give couples a “couples discount”. Even same sex couples are recognized by specific companies.
  • Choosing a smaller daily pay-out is also another way of saving money , but it may not be the best choice for your particular needs.
  • Another cost saving option is the number of years you choose for your benefits. Companies will either cover various years or a lifetime. Obviously a lifetime policy will cost more than a policy that is set for a specific number of years.
  • Deductibles are called the “elimination period” and come in the form of days and not money. Some options are 20, 30, 60, or 90 years. Choosing a longer elimination period can lower the cost of the premium.
  • Maybe the most simple way to save yourself some money is to pay annually (one yearly payment) rather than making monthly or quarterly payments. This can save you up to 8% depending on the company of your choice.

Any number of choices can alter the cost of your long term care premiums. The decision is entirely up to you and what your needs are and or will be in the future.