The American Association for Long-Term Care Insurance provides the following tips to help you get the best rates for your clients.
1. Leverage good health. Insurers will require that you meet certain health qualifications to obtain coverage. Discounts are provided to those in good health and 62 percent of applicants between ages 40-49 qualified in 2009. The percentage drops to 46 percent for ages 50-59 and only 38 percent for ages 60-69. Once obtained, the preferred health discount is not lost when your health changes.
2. Right-size coverage. Some long-term care insurance is always better than none. Factor in other sources of income such as Social Security, pension and 401(k) plans that can pay costs and allow you to add money-saving options such as a 90-day deductible (Elimination Period) or consider a limited-pay plan with a Shared Care option that allows two spouses to share a common benefit pool.
3. Compare coverage. Each insurer establishes its own rates, health standards and available discounts. As a result, virtually equal protection from two highly-rated insurers can vary by between 30 and 80 percent. Ask your insurance professional if they have access to policies from just one or from multiple insurers.