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How Can I Save Money on Long-Term Care Insurance?

  • September 16th, 2013

While long-term care insurance can be a good way to pay for a nursing home stay or a home health care worker, it doesn't come cheap. Annual premiums vary significantly, depending on your age, health, and the type of policy, but policies can run as high as $5,000 per year. You do not need to pay that much, however. There are some ways to reduce costs:

  • Buy a shorter benefit period
  • Buy when you are younger
  • Get a “shared care” policy with your spouse
  • Purchase a longer elimination period
  • Reduce the daily benefit amount
  • Buy inflation protection with simple-interest increases

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Local Elder Law Attorneys in Ashburn, VA

Samantha Fredieu

Hale Ball Carlson Baumgartner Murphy PLC
Fairfax, VA

Jeffrey Hammond

Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
Bethesda, MD

Jean Ball

Hale Ball Carlson Baumgartner Murphy PLC
Fairfax, VA

Last Modified: 09/16/2013

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