68 percent of seniors will need long term care

By Meha Ahmad, InsuranceAgents.com Staff Writer

Everyone's looking for ways to save-and save big. But instead of squirreling away money, providing savings that can be used up almost instantly, it may be a better idea to invest that money into something that will pay off big down the road. Specifically, a long term care insurance policy. Compare health insurance quotes to find affordable long term care insurance rates.  Use our free form to compare rates before you buy.

The lifetime probability of a person becoming even partially disabled or being cognitively impaired-and thus, needing long term care-is at least 68 percent for seniors. And as time goes on, the cost of that needed care is only going to grow, even double, as more and more Americans need it.

7 Ways To Save On Long Term Care Insurance

The cost of long term care can be astronomical, but no less needed. That's why you should invest in long term care insurance while you still can get it at a low rate. Here are seven smart ways to find affordable long term care insurance:

1. Obtain quotes . Shopping around is the best way to find out what the local insurance rates look like. By obtaining long term care insurance quotes, shoppers can find and compare multiple policy benefits and cost.
2. Seek a longer elimination period . The higher the elimination period, the smaller the premium. Try to obtain a 90 day elimination period.
3. Get long term insurance before your next birthday . Your age changes the cost of long term care insurance. The younger you invest in a policy, the cheaper it will be for you. At the very least, apply for a policy no less than 30 days before your next birthday (possibly saving you 3 to 9 percent every year).
4. Apply with your spouse . Many long term care insurance providers will offer a discount to applicants who seek coverage with a spouse. Some will even give a "joint applicant discount," allowing any two individuals living together to benefit from savings.
5. Get as much coverage as possible . Don't just go for the lowest long term care insurance rate you are offered. Weigh the benefits against the cost; a low-cost policy is great, but isn't very valuable if it doesn't offer much coverage.
6. Groups get lower rates, too. Join one. See if any groups or organizations that you are a part of are eligible for lower rates on long term care insurance for its members. This can include college alumni associations, religious groups, or homeowner's associations.
7. Make Uncle Sam work for you . Did you know that the federal government gives tax deductions to businesses that purchase long term care insurance for its employees? Or that they give $250 tax credits to Americans who invest in long term care insurance? The government wants you to invest in long term care insurance, and rewards those who do!

Consult a Long Term Care Insurance Professional

Long term care insurance can be one of the most important policies you ever invest in-even more so than a life insurance policy. Long term care insurance can prevent a person from falling into massive debt from medical bills, or even bankruptcy. Instead, policyholders will be able to obtain regular medical care as they need it.

To learn more about long term care insurance, or to obtain health insurance quotes, talk to a licensed professional, like a health insurance agent.