December 31, 2018 - voltus - Insurance - 29 views
Ways To Maintain Long Term Care Insurance Premiums
After spending a good amount of time reading, reviewing and assessing your insurance policy for long term care coverage, you realize it’s about time that you sign it to seal the deal with your insurer. Before doing that, have you checked the payment mode for your long term care insurance premiums?
You have two options to choose from. One of which is known as the continuous-payment method which requires a policyholder to pay his premiums in a fixed schedule until the time that he would actually require care.
Once a benefit trigger qualifies a policyholder for long term care he would automatically stop paying his policy’s premium, as he begins to claim his benefits. He will, however, resume premium payment upon recovering from his disability or whatever it is that triggered him to require LTC.
Another way to pay the premium of your long term care insurance (LTCI) policy is through the limited payment method. If you choose this payment option you will be required to pay your policy’s premium for a limited time only.
Under the limited payment method, you can choose the single-premium payment, ten-pay or twenty-pay, or the pay to sixty-five option.
Those who are financially able, for instance, would prefer the single-premium payment as this would only require a one-time payment of their premiums. Once this is done they can free their minds of financial worries.
Ten-pay or twenty-pay, on the other hand, is ideal for individuals whose income is expected to go down in 10 or 20 years. This payment mode requires one’s total premium to be paid in 10 or 20 years. Individuals that invest in LTCI later in their lives usually opt for this type of payment method.
Meanwhile, pay to sixty-five is found ideal by those who are planning to retire by the time they reach 65 years old. By choosing this payment option, you will pay your premiums on a regular schedule until you reach the age of 65.
Easiest Way To Pay Long Term Care Insurance Premiums
Between the continuous payment and limited payment options, more LTCI policyholders prefer the former as this is more affordable.
Though more expensive, the advantage in choosing the limited payment option is that you can spare yourself from possible premium increase. This is especially true for policies that have a guaranteed fixed premium. With this stipulated in your policy, you will pay a fixed premium amount that is not subject to increase in a given pay period.
You may or may not use your LTCI policy in the future, but ensuring regular premium payments will keep you from possible financial issues that may erupt down the road.Just like your maximum daily or monthly benefit, length of coverage period, inflation protection, and the other components of your LTCI policy, you can also negotiate the payment mode for your long term care insurance premiums with the insurance company that issued your policy. Call your agent to discuss your options.
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