Select a stand-alone plan instead of a hybrid that combines life and long-term care insurance, as with many products on the market. If you don’t need long-term care, your beneficiaries will still get some premium payments. However, rates for such coverage tend to be more expensive. Purchasing a separate coverage can help you save money on monthly rates.  

Pick a plan that will pay you back: If you have an indemnity or cash-benefit policy, you don’t have to prove how you spent your monthly allotment to the commercial insurance company. However, these plans are more expensive and may have tax implications. Consider a reimbursement plan if you’re looking to save costs. 

Make your elimination window larger: The elimination period affects long-term care insurance rates. In most cases, the insurance price will be lower if it has a 90-day waiting period instead of a 30-day elimination period. While waiting for benefits to kick in, make sure you have enough money saved to cover the expense of care. 

Reduce your insurance limits: You might save money by purchasing a smaller amount of insurance than you anticipate needing and then paying the difference from your savings. Your regular payments will go down as a result. 

Quotes to Consider Premiums for equivalent insurance from different insurers vary widely depending on various criteria. That’s why it’s wise to shop and get many estimates. You should also check out the ratings from impartial organizations like AM Best and J.D. Power to businesses. 

Co-purchasers are: Purchasing insurance with your spouse simultaneously can save you money. 

Investing in Your Fifties When you reach your 60s, you’ll start seeing yearly rate increases of 6 to 8 percent.

 If you wait until you’re older, the insurance cost will increase. You will have more access to the policy’s benefits and a lower risk of being declined due to your health.