Our health can deteriorate as we get older, and no one wants to place a burden on the family. Long-term care (LTC) insurance provides protection should you require extra help in the future.
Group insurance policies often cost less than coverage you purchase on your own. In the case of long-term care insurance, however, you may be able to get equal or better coverage for less money with an individual policy. Contact an agent at Royal Brokerage in Babylon, NY, to explore individual long-term care insurance options.
When Is Individual Long-Term Care Insurance a Better Choice?
The cost of long-term care insurance offered through your employer may be more than you need to pay. When purchased on an individual basis, many LTC policies offer discounts that can result in substantial savings for good health or including a spouse/partner on the policy.
Good Health Discounts: Depending on your age, the underwriter for the insurance company may request health information for evaluation. If you are in good health, you may qualify for a significant discount, typically 10%. Even if your health changes in the future, you won’t lose the discount.
Spouse/Partner Discounts: Marital or spousal discounts can reduce the amount each individual pays for long-term care insurance by as much as 40%. With combined savings for a couple, the cost may add up to only 20% more than a single LTC policy.
Individual Long-Term Care Insurance Costs
Age is a major determining factor in the cost of individual long-term care insurance – five years can make a significant difference. Other major factors impacting premiums are general health and whether you purchase coverage singly or as a couple. If you are considering individual LTC insurance, our agent at Royal Brokerage can help you find a policy that provides the best benefits and suits your budget.