How to Get the Cheapest Long-term Care Insurance. Long-term care insurance provides coverage when you need extensive care due to an ailment or sickness. The recovery period is long and so are the medical bills. Buying the cheapest long-term care insurance can save a lot of money. Here is how to get the cheapest long-term care insurance plan.
Go online and get information about the Medicare plan. It is a federal program which pays for skilled nursing at your home for short durations.
Explore the Medicaid option, especially designed for low-salaried workers. This plan provides for partial costs for home nursing. Both Medicare and Medicaid are considered to be the cheapest options for buying long-term care insurance.
Contact your employer. Buying a group plan through your employer can cost less. Your coverage should stay intact even if you change your employer (valid only for a predetermined period). Such long-term care insurance plans are available through many employers as part of employee benefits.
Choose longer waiting periods. This will reduce your premiums.
Understand the difference between skilled, intermediate and custodial care. Depending on your choice, the premiums will be higher or lower. Opting for skilled care is the most expensive, as it requires a registered nurse usually prescribed by a doctor.
Buy with the intention of financial security and asset protection. As long-term care can be expensive, it often drains your savings. Buying the cheapest plan is always good. Make effort to buy it at the right time considering inflation.
Select the insurance company wisely. Do thorough research and locate the best company that offers you an affordable rate.
Choosing a long-term care plan is an important decision for your family. Take referrals from your friends and colleagues.
Understand the method of premium payment. Currently, two options are available: indemnity and reimbursement. Ask about the pre-existing condition clause in the policy.
Ensure that your policy is qualified under the HIPA (Health Insurance and Portability Act of 1996).