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Long Term Care
Calculating Your Insurance Premium
When it comes to determining how much you should pay for Long Term Care Insurance, there are several critical factors:
- Age: The older you are, the more expensive the premium. Another critical factor is locking-in your age -- meaning, that if premiums are increased on these policies, you will pay the increased amount based upon your age when you bought the policy, not the age you have become when the increase takes effect.
- Amount of Coverage (Daily Benefit Amount): It is common for people to feel they want to insure the full cost of Long Term Care -- then to discover that premium is very high. We focus on average cost of care, especially for assisted living and in-home care, and advise you to insure a significant portion of that cost.
If today the average cost of an assisted living facility in Lane County is $2,100 per month, we would have you consider insuring at least $1,700 of that risk.
- Inflation Protector: We have no clear picture of how much the cost of living will increase over the next 20 or more years. Therefore, adding some form of protection so that your benefit will increase with time is critical.
- Benefit Period: You determine, when you purchase your policy, how long you want the insurance to pay when you qualify for benefits. You can choose a period as low as 2 years and as much as an unlimited period.
- Elimination Period: The amount of time you must wait, after qualifying for benefits, before you receive a check can range from 20 days to 365 days. Interestingly, this item is the least important of all the others in affecting your premium.
Other Optional Benefits Include:
- Spousal/Domestic Partner Discount
- Paid Up Survivorship
- Shared Care
- Home Care Elimination Period Waiver
- Restoration of Benefits
ONLINE QUOTE
- Click Here for your no obligation online Long Term Care Insurance Quote!
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Pacific Benefit Consultants, Inc.
450 Country Club Rd. Suite 330
Eugene, Oregon 97401
(541) 484-6624
(541) 686-2726 (Fax)
(800) 588-8688 (Toll Free)
