Long term care is no longer a luxury but a necessity that you need to take into serious consideration and include in your long term financial planning as soon as possible. the cost of a long term care insurance quote can vary from company to company since each has its own unique set of features and benefits. However, there are basic factors that cut across the board.
Here are some of the basic factors that determine the general cost of a long term care insurance cover.
1. The duration
This is one crucial factor that will determine the cost of your long term care plan. It refers to the time period for which the benefits will be available to you and will be paid. This can vary from a two-year plan to a ten-year plan, of course, depending on the service provider. Some providers have the option of unlimited duration, meaning that you will be entitled to a lifetime cover. However, the premiums with be higher for such an arrangement.
2. Daily Benefit amount (DBA)
The amount you choose for your daily benefit amount will play an important role in determining the cost of your long term care insurance quote. Basically, DBA is the maximum amount for your care in any given day and it ranges from $100 to 500 depending on the nature of the policy you have subscribed for.
3. Waiting period
Also referred to as the eliminated or the waiting period, this refers to the number of days during which you will be eligible for the benefits before making them available. The cost of your insurance will vary depending on how short or long the waiting period is.
The cost of a long term care insurance quote depends on these among other factors like your age and health at the time you are signing up for the cover. Obviously, the older you get, the higher the premiums will be. Thus, it is advisable that you sign up for this policy before your health is severely affected by long term or age related illnesses.