Can you Cut the Cost of your New York Long Term Care Premiums?

Purchasing long term care insurance in New York can cost a fortune. Not a big deal for some but what about those who weren’t born with a silver spoon in their mouth? The long term care rates in this state are very alarming because with the way it is increasing right now, there is a great chance that it will increase as much as 50%.

The increase in rates is constant and insurance companies can’t do anything about this, so the one who needs to make adjustments are the people who want to get coverage. The government recognized this very well and that’s why they have implemented programs such as CLASS Act. This was supposed to encourage people to purchase ltc policy and free Medicaid from paying for long term care costs of their members but since it was cancelled, then anyone interested have to rely on their other options.

Age is one of the factors insurance companies consider in determining your premiums. Applying for long term care insurance at a younger age will reward you with much lower premiums. Unlike those who thought of applying for one when they’re about to retire, they will definitely get high premiums.

Health is another important factor companies consider. You need to answer the questions honestly, if you have family history of a certain type of disease or you have high risk factors. These will be the basis of your premiums, whether you’re eligible for lower or much higher rates.

Cities in New York offer different rates as well. Residents of Manhattan have to pay $438 monthly to nursing homes while those living in Queens will only cost them $331 in one month. Your exact location matters too in determining your long term care expenses.

If you want to avoid high New York long term care costs, it’s advisable to shop for long term care quote early and to arm yourself with all the helpful information that can help you save money.  

Learn the Basics of Long Term Care Insurance

Still half-hearted in shopping for long term care quote early? I hope this video can give you helpful insights regarding long term care. Learn the basics first and from there you can perhaps realize the importance of this in your life. Watching this will just take a few moments of your time which in turn can reward you with a secured and comfortable life. I'm pretty sure you have an idea how hard it is to pay for long term care services straight from your pocket. 

After watching this short video, I hope you're considering to purchase a policy much earlier in order to cut the cost of premiums. It's quite expensive particularly to people who are not fortunate enough to have the budget for this policy. If only CLASS Act pushed through, it would be more affordable for people to make a purchase.

Long term care policy is not just for the elderly. You're still young and healthy at this moment but what if you get injured or you've met an accident. Applying for coverage after those things happen will give you high premiums or you'll get no coverage at all. Consider the advice coming from a pro and structure your life with long term care insurance.

When Should I Consider Looking for Long Term Care Quote?

People are aware that long term care insurance is one of the best investments they can make but is there are specific time or age to purchase this? I have to be honest about this and tell you that there is no specific age to shop for long term care quote. It’s hard to be in a situation like this that’s why you need time to think about this and figure out what can work for you best.

Planning for Your Future Early

I recommend this to people with family history and they have high risk factors. They will most likely need long term care services later on in their lives. It is always better to plan ahead of time and purchase a policy while they are still in perfect condition. You wouldn’t want to be put in a situation wherein you will need the help of an elder care specialist or you need to move to facilities and you don’t have enough funds to afford either of the two. With early planning and purchase of long term care insurance there’s no doubt about it that you’ll be in good hands later in your life.

Putting Off Purchase of Long Term Care Insurance

It wouldn’t be that expensive if only the CLASS Act wasn’t cancelled. To those who are not familiar with this, it’s a long term care insurance program that will provide senior care services to working adults in exchange for much cheaper premiums. This could have been a great help to people who have chosen to purchase long term care insurance late.

Most people put off purchasing this type of policy because they think they will not need it. That’s what they think but you can never tell what the future holds. They’re free to wait but it would be very expensive for them to avail a policy or it can get worse, no company would dare to provide coverage for them.

The best advice I can give is, to sit down and take some time to ponder on your future plans. There’s no certain age to shop for  long term care quotes but there is a recommended age. Most people apply for this policy once they are in their mid-50’s or just before they turn to 60. This is the ideal age since the premiums aren’t that high yet and you still have the means to pay for this since you’re still working.