The cost of long-term care insurance varies widely, depending on the options you choose. The actual premium you will pay depends on many factors, including your age, the level of benefits, and the length of time you are willing to wait until benefits begin. Here are some things you can do to lower your insurance costs.

Shop Around. Prices vary from company to company, so it pays to shop around. Get at least three price quotes. Don?t shop on price alone. Ask friend and relatives for their recommendations. Be sure to compare benefits, the type of facilities you have to be in to receive coverage, the limits on your coverage, what is excluded and the premium. Not all policies are the same.

Don?t Buy More Insurance Than You Need. You don?t have to buy more than one policy to get enough coverage. One good policy is enough. Also, don?t buy more insurance than you need. For example, buying a policy with a $500 daily benefit in order to prepare for inflation is not necessary. You should choose the daily benefit that matches the cost of long term care but remember to ask if you policy has an inflation clause so daily benefits increase over time.

Extend Waiting Periods. Buy a policy with the longest waiting period you can afford. For example, choosing a 90-day waiting period instead of a 30-day period can cut the premium by 30%. However, if you do need long-term care services, you should save some money to pay these costs until the waiting period ends.

Learn More:? Request A Free Buying Guide   Request A Free Quote