Saving money on long term care insurance

You want to own long term care insurance, however you do not want to pay too much for the coverage. The least expensive way we have found to own a long term care insurance policy is for you, and the person you live with, to buy coverage at the same time. There are insurance companies that offer steep discounts when two people who live in the same household apply for long term care insurance at the same time.

Obviously this discount, which can be as much as 70% off the second policy, can be applied to husbands and wives. However, we have found a company that uses this discount for any two people living under the same roof. If you live with somebody for any reason, and both of you apply for long term care insurance at the same time, the discount applies on the second policy. It could be two siblings or two friends living in the same house. The bottom line is that the money saved in this situation is substantial. Not every state allows discounts for non-married people living together, however most of them do.

Most long-term care insurance companies offer some additional discount if you are in good health. After all, you are a better risk for them. Most companies only offer one class of preferred, while a few offer a preferred plus, or elite class. If you are in excellent health, you may qualify for the preferred plus (elite) class, which can save you a significant amount on premiums.