Protect Your Assets! Studies show the #1 reason you purchase Long Term Care is peace of mind and to assure that you won’t be dependent on others. Protect your assets from depletion due to devastating Long Term Care expenses.

Shop around! Premiums vary greatly -- as much as 10% to 50% -- for essentially the same policy benefits. As a totally independent broker, the LTC Consultant Group represents most major Long Term Care carriers and can get you the best deal.

Weigh benefits against cost! Sometimes an agent will emphasize less important benefits, not in a competitor’s policy, even though the competitor’s premium is far less for the same major policy benefits.

Age changes! Some insurance companies use your last birthday while others use your closest birthday. Birthdays increase the premium from 4% to 10% or more depending on your age. Purchase now when you are younger and in good health and you will always pay less premium and be insured for a longer period of time.

Spousal/domestic partnership discounts! Most insurance companies offer a 10% discount for a husband and wife applying for coverage at the same time. A few insurance companies offer a 50% discount for joint applicants! Any two people living together in the same household might qualify for this benefit.

Longer benefit periods! Cover the catastrophic need. Lifetime coverage is most desirable since you will not outlive the benefits. Although rare, a long term care need can last more than 10 years. More than 21% of all nursing home stays over 90 days in duration exceed five years. Purchase at least four years of benefits so you and your family have enough time to plan your estate disposition. Any property you transfer within three years of a Medicaid application is subject to possible reversal and criminal penalties.

Longer elimination periods! A zero-day elimination period with one carrier makes the premium approximately 30% higher than a 90-day elimination period, and a 30-day elimination period is about 15% higher. Most people can afford to pay the first 90 days. Medicare, HMOs and supplements might cover all or part of the 90-day expenses. It’s just like Auto insurance—the larger the deductible the lower the premium will be.

Simple interest vs. compound interest! Anyone under 70 should give strong consideration to either a simple interest or compound interest Cost of Living Adjustment (COLA) rider. This allows your benefits to keep pace with inflation. If you’re near age 70 and find the compound inflation rider prohibitive, consider a simple interest inflation rider, or purchase somewhat higher benefits than you need today without the inflation rider to compensate for future long term care costs.

Something is better than nothing! If nursing home costs are currently $150.00 a day in your area and you can only afford $100 a day plan, go ahead. Right now you are insuring 100% of the exposure. It’s better to have 2/3 (66.7%) covered now than nothing at all. Don’t procrastinate because of high premiums. Pick a premium level you can afford and purchase a Long Term Care insurance plan based on your budget.