Firstly take out your long-term care insurance as early as possible. The overall cost of long-term care insurance as well as the monthly premiums will increase the longer you wait. Long-term care insurance is generally a lot cheaper the younger you take an insurance policy out.

Also you can opt to cover the first 30 – 90 days in long-term care from your own personal funds rather than making a claim against your insurance policy. As with selecting a higher level of deductibles with other types of insurance, selecting the maximum elimination period (the amount of time your will personally fund your long-term care) can significantly reduce the cost of your monthly premiums.

Joint long-term care insurance policies tend to be cheaper than taking out independent policies. With husband and wife on one single policy you are spreading the risk which should work in your favour with regard to the cost of your long-term care insurance premiums.

Most insurance providers will offer you the option of reducing the amount that they will pay out on long-term care per day. The lower the daily benefit the lower the cost of your long-term care insurance policy. Obviously the difference will have to be funded from your own personal savings or through some other means.

Finally, with long-term care insurance you can get life time cover or limit the period of time for which you insurance policy will cover you. This means that if you limited the policy to five years your insurance provider would only cover the cost of your long-term care (if you need it) for a period of five years. Given the fact that the vast majority of those requiring long-term care only need it for up to five years such a limitation is often deemed a good way of reducing the cost of long-term care insurance.

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Long-Term Care Insurance

 

The Cost of Long-Term Care Insurance

 

What to look for in a Good Long-Term Care Insurance Policy

 

Who needs Long-Term Care Insurance