Q What are my options for buying long-term care insurance? Are there a lot of companies that sell this type of insurance? Is it possible to “bundle” long-term care insurance with other types of coverage?
There are many companies that sell long-term care insurance as well as other insurance products. It's always best to call reputable companies and ask lots of questions. These insurance companies are there to serve your needs and will work hard to gain a satisfied customer.
If by bundling you mean something like bundling home and auto insurance for a discount, then, yes, there are companies that offer a “loyal customer” discount for buying long-term care insurance along with other products. Other discounts may be available through professional associations and organizations. Furthermore, married couples and domestic partners may quality for substantial discounts if they purchase long-term care insurance together.
Here are some considerations to make sure that a long-term care insurance policy fits your budget and your needs:
• Keep in mind that your health and age are factored into your insurance premium, so the sooner you look into a long-term care insurance policy, the more money you'll save.
• Consider lengthening the elimination period. The longer this period is, the less expensive the insurance will be. Just be alert to the fact that during this period, you'll have to pay expenses out of pocket.
• Choose a shorter period of coverage. Depending on your circumstances, coverage for several years instead of a lifetime might work for you.
• Pick a lower daily benefit, then make up the difference between costs and benefits with other forms of insurance.