Los Angeles, CA, November 09, 2013 --(PR.com
)-- There are many ways to make the cost of long term care insurance more affordable than people think, including some little known ways according to the head of the American Association for Long Term Care Insurance.
"If you recently celebrated a birthday, some insurers offer a 30-day grace period before you have the pay the next higher rate," reports Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group. "A 60-year old male will pay around $1,330 a year for $200,000 of long term care insurance but when he turns 61, that very same coverage will cost him $1,429 annually, some 7.4 percent more."
Long term care insurance rates are based on your attained age, Slome explains. "That is your age when you sign the application for insurance, but some companies offer a very valuable 30-day extension that is well worth noting if you or a spouse just celebrated a birthday. The savings are locked in and will really add up over the rest of your life."
The national long term care insurance expert noted that the rules are not consistent among all insurers. "This is just one more reason that it is vitally important for consumers to work with a knowledgeable long term care insurance professional who can compare the benefits and costs of multiple policies," Slome notes. The Association's yearly analysis of long term care insurance policy costs found that prices for virtually identical coverage could vary by as much as 90 percent.
For information on long term care insurance costs or to request a no-obligation cost quote from a designated professional who is a member of the Association call the organization at (818) 597-3227 or visit the Association's website at www.aaltci.org.