Long term care insurance rates and other aspects of long term care insurance (along with other lines of insurance such as health, life, home, and auto) are regulated at the state level. This means that there are some small differences in regulation of long term care insurance rates from state to state. That being said, there are many things that hold true across the country when it comes to the factors that are used by the insurance company to determine its long term care rates.
Long term care insurance rates may be based on your age when you apply for long term care coverage, where you live, your health status/medical history, and other factors. As you might imagine, long term care insurance rates will rise sometimes dramatically as you get older, making it all the more important to purchase long term care insurance as soon as possible. The best time to purchase long term care insurance is when one is in their 40’s or 50’s but it is never too late to investigate your long term care insurance options!
Your long term care insurance rate (monthly premium, quarterly premium, or annual premium) may be increased at the discretion of the insurance company or it may be required to stay the same every year – this depends on the type of long term care insurance policy that you buy. Long term care insurance policies are either “Guaranteed Renewable” or “Noncancellable”.
Guaranteed Renewable means that the company must renew your policy each year unless you deliberately lied about your health status in your application, failed to pay your premiums, or exhausted your benefits. Companies cannot make any other changes in your policy unless you request them. The company can, however, raise premium rates on guaranteed renewable policies. You have the right to cancel your policy at any time by providing notice to the insurance company. The company must return any unearned premium to you.
Noncancellable means the company must renew your policy each year or until your benefits have been exhausted. Companies cannot make any other changes in your policy or raise your premium. You have the right to cancel your policy at any time by providing notice to the insurance company. The company must return any unearned premium to you.
The way to find the best long term care insurance rate is to compare rate quotes from at least 3 different long term care insurers. Take just a few moments and use our free long term care insurance quote finder to get quotes from the top long term care insurance companies offering coverage in your home zip code! Get free long term care insurance quotes now!