Long Term Care insurance plans can be more expensive than most people would like to pay. Looking for ways to get a discount will help make these plans more affordable. Most plans offer a variety of different discounts. Contacting an agent that is knowledgeable in different insurance companies will help you to find the perfect plan for you at the right price for you.
Group Discounts:
Group discounts may be available on long term care insurance through employers or local organizations. Some senior clubs and organizations will offer discounts from 5% to 10% on a long term plan. Not all insurance companies will allow such discounts, but may allow for other types of discounts. Before choosing to join a group plan, you should get quotes for an individual plan and a spousal plan if applicable as group plans are not always the cheapest option and sometimes will not offer the same benefits one may receive on an individual or spousal plan. This option, however, is a great deal for a person with health issues that may not qualify for individual coverage or may have higher premiums because of their medical history.
Spousal or Partner Discounts:
Spousal or partner discounts are sometimes offered if a couple is looking to purchase long term care insurance at the same time. The discount for this would generally be somewhere between 30% and 50%. In some cases a partial discount may be available if only one person is insured.
Good Health Discounts:
Good health discounts may be given to an applicant that is in excellent health. This discount can range anywhere from 10% to 15%. Each company will have their own guidelines for underwriting in determining if a person is eligible for this discount and at what discount amount they qualify. Some pre-existing conditions may not count against you with certain companies, so it is important to look into many different plans to see if you can qualify. Once you qualify for the good health discount, you typically won’t lose the annual savings if your health changes.
