Finding cheap Nevada long term care insurance (LTCI) may seem like an impossible task.
However, if you compare the average insurance premiums (about $250/month) to the daily rate of a nursing home stay (about $250/day), long term care insurance seems like quite the bargain.
On average, the cost of a monthly LTCI premium would pay for one day of nursing home care.
Even if you end up paying your long term care insurance premiums for 20 years, a one year long stay in a nursing home facility will more than recover your premiums.
There are some options to consider when shopping for long term care insurance in Nevada that may help you reduce your rates and make LTCI an even better bargain.
1.
Daily Benefits are the amount that the insurance company will pay each day for your care.
If you will have another source of financial support, either by qualifying for Medicaid or Medicare, Social Security benefits, pension benefits or savings, you can consider lowering this daily benefit.
2.
Age of Enrollment refers to the age in which you sign up for your long term care insurance.
Enrolling in LTCI coverage earlier in life will significantly reduce your monthly premiums.
It has the added bonus of allowing you to lock in your rate before you develop any health conditions that will affect your insurance coverage.
Though rates may go up at predetermined times, your 65th birthday for example, you cannot be singled out for a rate increase.
3.
Elimination Periods are comparable to the deductible in your house insurance.
It refers to the period in which you will be receiving long term care before your benefits begin.
While elimination periods can range anywhere from 1-100 days, they are typically chosen at intervals of 30, 60, or 90 days.
A higher elimination period can save you considerably, however you should carefully consider the costs of a lengthy elimination period.
4.
Multiple Policy Discounts are offered by many companies.
If you are married and want to have long term care insurance coverage for both spouses, inquire about a multiple policy discount.
On the other hand, if you can only cover one spouse, there are additional factors to consider.
Statistically, women live longer than men, but you will also want to consider the family history of each spouse.
Longer life expectancies often run in families.
You will also want to consider the current health of each spouse and any higher risk activities such as smoking or drinking that may lead to a health condition requiring extended medical assistance.
Once you have decided which long term care insurance coverage is right for you, you will want to research long term care insurance companies in Nevada.
Ask your self these questions: 1.
What is the company's financial strength rating? You will want a company with a rating of "A".
2.
Will there be a cost of living adjustment? You want to be sure that your coverage will keep up with inflation.
3.
Will you have options regarding care location? Most people would prefer to have home health care.
Check to see if your company would cover both in-home care as well as nursing home or assisted living facility care.
4.
Is the policy guaranteed for life? Be sure the company cannot cancel the policy due to poor health.
Much of this research can be done online at a significant time savings.
You can receive policy quotes from companies that offer Nevada LTC insurance as well as investigate the integrity of these companies and the options they offer.
Be sure and take your time shopping around and you may just find the cheapest Nevada long term care insurance rates online in a snap!