How to save money on your Long Term Care Insurance Premiums
Couples can cut the cost of long term care insurance by purchasing policies at the same time and thus be entitled to a “couples discount” that is often 40% of the full premium.
Example. Susan already has a decent policy but her employer can’t help her get better coverage for her husband. When applying for a policy for her husband, they should make it a “couples” policy with for a very small benefit (like $50/day for 2 years) for Susan. The “couples discount” will be far greater than the cost of Susan’s additional coverage.
With Georgia’s implementation of the Deficit Reduction Act, it’s tougher to transfer assets as a part of Medicaid planning, so LTCI has grown in importance as part of your financial plan. Call me and I’ll help you shop for policies and compare apples to apples from the different insurers.
Mike Dayoub is a tax preparer and financial planner in North Fulton, Georgia. 770 361-3139 website
