LTC Insurance – Determining Cost
By Insurance Suffolk Brokerage
Like life and disability coverage, LTC applicants are individually rated by insurance companies. These companies take many factors into consideration to determine individual LTC premiums including:
- – Age
- – Height & weight
- – Tobacco use
- – Pre-existing conditions
- – The requested daily nursing home benefit amount
- – Cost sharing % of home health care costs between the covered person and the insurance company
- – The elimination period (the amount of days you wish to wait from the time you suffer the loss until your benefits start paying – e.g. 30 days, 60 days, unlimited, etc.)
- – The length of the benefit period (how long benefits will be paid – e.g. 1 year, 3 years, etc.)
- – Optional inflation rider (your benefit payout will increase over time to remain consistent with the inflation rate)
- – Option to extend coverage to a spouse (who will also be subject to underwriting requirements)
It is only after you have been underwritten by an insurance company that you will know exactly what your particular cost will be for coverage. By utilizing Insurance Suffolk Brokerage, we will take all of your information into consideration to select the best LTC carrier that suits your needs and at the most competitive price in the state. Remember, prices and underwriting guidelines vary from company to company. |
