Long term care costs

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PostPosted: Wed Nov 19, 2008 5:39 am   Post subject: Long term care costs  

Long term care seems too costly...is there a way to reduce the costs?

RedOxen


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PostPosted: Wed Nov 19, 2008 11:57 am   Post subject:   

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Long term care seems too costly...is there a way to reduce the costs?




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PostPosted: Wed Nov 19, 2008 12:04 pm   Post subject:   

red ox i bet you know just the way to reduce those costs...right?



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PostPosted: Thu Nov 20, 2008 4:46 am   Post subject:   

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red ox i bet you know just the way to reduce those costs...right?



Yeah..I do know one thing...more of the deductible I'd bear...lesser would be the premium..what else!

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PostPosted: Thu Nov 20, 2008 4:52 am   Post subject:   

Yes dear, I think what you're trying to say over here is about then elimination period. It is quite true the more you stretch this elimination period, lesser you'd need to pay for it. So you see..how this all indicates that you'd need to bear the cost for the initial 1 month, 2 months or 90 days. If you could truly bear the elimination period for these 90 days, then I'm sure that your premiums would fall quite considerably. Now, its all upto you to consider. Purpleheaded08


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PostPosted: Thu Nov 20, 2008 4:59 am   Post subject:   

My friend...if you would go for a life time coverage..it would certainly cost you more. I believe, a shorter coverage stretching from 3 to 5 years could get you better rates. As per some studies..our average hospitalization comes to around 2.5 years...so you could easily imagine how much you could save.

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PostPosted: Thu Nov 20, 2008 5:09 am   Post subject:   

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so you could easily imagine how much you could save.



I have doubts over that..but how about going for something which is worth $100 a day!

I guess the average health care costs would not cross $150 dollar a year. So, if we go by that...then isn't there a possibility that we'd be able to manage this cost difference through alternative incomes e.g. social security. I'm sure you'd achieve lower premium rates.

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PostPosted: Thu Nov 20, 2008 5:21 am   Post subject:   

See, if you're not a bachelor anymore...you could surely get a joint policy for you and your partner. That would probably come to you with a discount and I think all giants would offer you such types of coverage.



Our wives could certainly be insured (if we have an option to cover them), since they have a better life expectancy!

Thanks, Plasticmind


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PostPosted: Sun Nov 23, 2008 4:58 pm   Post subject:   

There are ways to reduce the cost of long term with having the options to take the premiums yearly.



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PostPosted: Mon Nov 24, 2008 6:00 am   Post subject:   

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There are ways to reduce the cost of long term with having the options to take the premiums yearly.




Please explain, how paying the premium yearly would save on the cost of insurance? Do you want to say that the insurer might give you some discount on the premium rate if you opt for yearly premium?



IMO the cost of the coverage is determined by the amount of risk insured along with the amount of the coverage. Its certainly interesting to know that paying the premium in lump sum can actually help you in reducing cost.
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PostPosted: Mon Nov 24, 2008 6:49 am   Post subject:   

I do agree that the cost involved is dependent on the risk involved,but if one takes the premium on yearly mode definitely s/he saves on the every month's processing charges.although it may sound very small saving but saving is saving.



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