Long Term Care Insurance Discounts

Save money with Long Term Care Insurance Discounts

Virtually everyone will qualify for at least one discount. Whether it's an average of 8% savings by paying for your coverage once a year or a 35% spousal or partner discount, you can save substantially with smart decision making.

Spousal Discount:

A marital discount of 25-35% depending on carrier applies if both spouses or partners apply together. Some carriers will offer a 10-15% discount if only one spouse applies. This can be useful when one spouse wants insurance but the other is uninsurable.

Health Discount:

Some insurance companies offer a 10% good health discount. We do not include this in quotes automatically, as it is increasingly rare that this discount is offered when applying for coverage. Some plans do not offer health discounts at all

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Group Discount:

Small businesses with five or more employees applying for Long Term Care coverage may qualify for an additional 5% discount with some carriers. Ask your adviser if you and your company may qualify for a group discount when purchasing together.

The Trick to Long Term Care Insurance Discounts

Long Term Care discounts are taken from the net premium in a certain order, which can lead to the amplification of discounts if taken in a different order. For example, if you take the health discount before you take the marital discount, the 10% will reduce the premium by a larger dollar amount. Let's say you are getting a 10% health discount, and you're married. The "raw" premium for a 55-year-old may be $3,000/year. A 10% health discount will further reduce that by $300 and then a 30% marital discount would reduce the cost by another $900, making the premium drop from $3,000 to a total of $1,800 with discounts.

Now, as a client you see $1,800 and think that your health discount was only $180, or 10% of the final discounted price. If you were to lose the Preferred rate during underwriting your cost goes up from $1,800 to $2,100, meaning an increase of almost 17% when losing the 10% discount.

Confused? Help is close by.

Request a quote now, or call and speak with one of our knowledgable agents about what discounts may be available to you. Remember, the most important thing is to shop the market to find out which carriers have the better rates.