If you are looking for cheap Oregon long term care insurance rates then consider that long term care insurance in OR may not seem cheap, but it truly is a bargain when compared to the cost of long term care in Oregon.
The average long term insurance premiums are around $300 per month; however, here are 5 tips that will help you find the best rate possible for your situation.
1.
First, buy coverage sooner rather than later in life.
This allows for a discounted rate for two factors, age and health.
Insurance rates are lower when the policy is purchased at an earlier age, usually in your fifties.
Waiting until you are in your sixties or seventies not only raises the rates you will be charged because of your age, you also run the risk of developing a medical condition that will affect your ability to find affordable coverage.
2.
Second, limit the length of your insurance coverage.
A large percentage of nursing home stays last just over one year.
Only 4% of men and 7% of women stay in a nursing home more than five years.
An insurance policy with unlimited coverage would cost more than a policy with a 3-5 year benefit limit, yet statistics show that this is all a majority of people would need.
3.
Third, cover both spouses at the same company.
Long term insurance companies often offer discounts for multiple policies, just like car insurance companies.
If both spouses cannot be covered, the wife is at greater risk of needing long-term care coverage.
Women statistically live longer than men.
4.
Fourth, choose a longer elimination period.
The elimination period is a bit like the deductible paid with health and auto insurance.
Instead of having to pay a deductible, there is a set number of days before your insurance begins covering your long-term care.
The elimination period can range from 1-100 days.
It usually only needs to be satisfied once in a lifetime.
Choosing a longer elimination period can help you negotiate a cheaper premium rate.
5.
Finally, take advantage of guaranteed rates.
Once you have purchased an Oregon long term care insurance policy, you cannot be singled out for a rate increase.
This is different from auto or homeowners insurance where making a claim can effect your rate.
Insurance companies can only raise long term care rates for whole groups and they first need the approval of the Oregon Insurance Commissioner.
Your rate may go up because you have had a birthday, but will not go up because you have been diagnosed with a health related problem.
One last tip, when using the Internet to research companies and compare rates, get quotes from at least three different companies and be sure you are comparing similar coverage.
Following this quick guide will help you find affordable rates for long term care insurance in Oregon, or wherever you need it.
The average long term insurance premiums are around $300 per month; however, here are 5 tips that will help you find the best rate possible for your situation.
1.
First, buy coverage sooner rather than later in life.
This allows for a discounted rate for two factors, age and health.
Insurance rates are lower when the policy is purchased at an earlier age, usually in your fifties.
Waiting until you are in your sixties or seventies not only raises the rates you will be charged because of your age, you also run the risk of developing a medical condition that will affect your ability to find affordable coverage.
2.
Second, limit the length of your insurance coverage.
A large percentage of nursing home stays last just over one year.
Only 4% of men and 7% of women stay in a nursing home more than five years.
An insurance policy with unlimited coverage would cost more than a policy with a 3-5 year benefit limit, yet statistics show that this is all a majority of people would need.
3.
Third, cover both spouses at the same company.
Long term insurance companies often offer discounts for multiple policies, just like car insurance companies.
If both spouses cannot be covered, the wife is at greater risk of needing long-term care coverage.
Women statistically live longer than men.
4.
Fourth, choose a longer elimination period.
The elimination period is a bit like the deductible paid with health and auto insurance.
Instead of having to pay a deductible, there is a set number of days before your insurance begins covering your long-term care.
The elimination period can range from 1-100 days.
It usually only needs to be satisfied once in a lifetime.
Choosing a longer elimination period can help you negotiate a cheaper premium rate.
5.
Finally, take advantage of guaranteed rates.
Once you have purchased an Oregon long term care insurance policy, you cannot be singled out for a rate increase.
This is different from auto or homeowners insurance where making a claim can effect your rate.
Insurance companies can only raise long term care rates for whole groups and they first need the approval of the Oregon Insurance Commissioner.
Your rate may go up because you have had a birthday, but will not go up because you have been diagnosed with a health related problem.
One last tip, when using the Internet to research companies and compare rates, get quotes from at least three different companies and be sure you are comparing similar coverage.
Following this quick guide will help you find affordable rates for long term care insurance in Oregon, or wherever you need it.
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