Premium is partially based on your age and marital/partner status, but it’s also determined by at least five decisions you have to make based on your personal needs. For your information, the five decisions are 1) waiting period, 2) monthly or daily benefit amount, 3) home health/community care, 4) inflation, 5) benefit period. Other decisions could be some form of limited pay policy to protect yourself from future rate increases once your policy is paid up. You can get a 5-15% discount for being in really good health. If you want a lifetime benefit period, now’s the time to get it because the insurance companies won’t be offering it much longer. Better to get a meaningful daily or monthly benefit with the best inflation benefit then buy the benefit period you can afford. If you are married or part of a couple you can do shared care, which allows each person access to the other’s benefits.
Posted in: Consumer