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Long Term Care Insurance Center

Long Term Care Insurance Q & As

Question 4 of 9 in How Much Does It Cost
I have done my homework and know what to buy and from whom to buy it. However, I suffered from sticker shock when I investigated the price. What should I do?
As happens with any major purchase, it is sometimes necessary to compromise on the options. Look for potential savings by reconsidering the following choices:

1. Can you choose a less expensive nursing facility, or pay more of the cost out of pocket?

2. Is it possible to have reduced benefits for home care, even with a comprehensive policy?

3. A qualified plan may be less expensive since the triggers are more restrictive.

4. The benefit period can be reduced from lifetime to five years maximum.

5. Inflation protection can be reduced by choosing 5% simple rather that compounded.

6. Finally, it may not be possible to choose the 10-pay option, particularly in a state that requires non-forfeiture benefits when the 10-pay plan is selected.