Long Term Care Health Insurance - Why It s So Expensive And Ways To Pay Less
Why is long term care health insurance so expensive? There are several answers to this question and this article will attempt to touch a few of them. Along these lines, we'll also look at what can be done by each individual to reduce the cost involved by a huge margin...
This form of insurance policy is so expensive because it costs quite a lot to provide long term care. The cost of staying in a nursing home is about $100 per day depending on where you live. That's about $36,500 for a year. If it's a couple that translates to about $73,000!
Now the next reason is that Americans are living longer than ever before. The chances that you'll live to be 80 are far higher than before thanks to advances in medical science. But with the increase in years also comes the higher likelihood of needing long term care. The simple reason: The older you grow the more frail you become. 40 percent of those aged 65 and above will need some form of long term care within their lifetime.
Because long term care health insurance provides coverage for something that cost so much and also has a high likelihood of happening, insurers have to find a way of protecting themselves. They compensate by placing high rates.
Certainly you won't be making a sound financial decision if you choose to stay without this policy if you're above fifty and have considerable investment (and are not a millionaire). So here are things you can do to reduce your rate...
1) Get it while you're younger. It will be far cheaper for you to buy your policy at 55 than it would be if you chose to buy it at 70. That is, if you're still considerable insurable at that age.
2) Get and compare long term care insurance quotes from five or more quotes sites. The range of quotes for this policy could be as wide as $5,000 and more. So take this very seriously if you want to pay far less.
Here is my favorite page for long term care insurance quotes...
Long Term Care Insurance Quotes
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Chimezirim Odimba writes on insurance.
Source: http://ezinearticles.com/
Added: March 21, 2008
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