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Top 10 ways to cut the costs of long-term care insurance

By Anil Patil

Buy at the Right Time

The price you pay for long-term care insurance depends on how old you are when you first apply for the policy.

Compare Costs

Shop around to find the best deal.

Check Reviews

Look for a reputable company with good reviews.

Shop Through Your Employer

Some employers offer group long-term care insurance policies.

Choose a Joint Policy

If both you and your spouse are purchasing long-term care insurance, a shared care policy might be able to give you more coverage for less money.

Lower Your Daily Benefit

Instead of purchasing the maximum daily benefit you might need in a nursing home, you can consider paying for a portion of the daily benefit yourself.

Limit Years of Coverage

The most significant cost-saving step you can take is to not purchase a lifetime policy.

Choose a Longer Elimination Period

The longer you make this waiting period, the cheaper your premiums.

Inflation Protection

Inflation protection increases the value of your benefit to keep up with inflation and is almost always recommended.

Government Programs

Government programs, such as Medicare and Medicaid, can cover some of your expenses.