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How to Find Cheap Maine Long Term Care Insurance Rates
It’s very important to plan ahead and find cheap long term care insurance rates in Maine when you consider that average long term health care costs in Maine range from nearly $24,000. $ per year for home care to just over $60,000 per year for nursing. . Home care costs are closer to home care costs at an average of nearly $28,000 per year. Many people consider buying long-term care insurance to protect their loved ones from the burden of such an annual expense.
When looking to find affordable long term care insurance in Maine, there are several factors to consider. Your age is one of the main factors in determining rates. The longer you wait to buy long-term care insurance, the more it will cost you. Other factors that affect rates are the length of coverage, the health of the insured, and other specific policy variations.
Buying long-term care earlier in life, rather than later, can save you a lot of money in the long run. You will be entitled to lower premiums, you will have established yourself as an insured client and you cannot be laid off due to declining health.
Maine long term care insurance rates can only increase per group when you enter a new age bracket and only with the approval of the Maine Superintendent of Insurance. You cannot be subject to a rate increase regardless of your medical condition or other factors. However, rates may increase with your age. For example, they may increase when you reach your 68th birthday.
In addition to buying coverage early, you can also get discounts for long-term care insurance by covering your spouse’s insurance needs with the same company. Other ideas include choosing a reduced premium payment period. In this option, payments are made for a specific period of time, perhaps for 10 years or until a certain selected age. Premiums would actually be higher during this time, but coverage would then be paid for life. This option allows the insured to avoid the rate increases that come with age and to pay for coverage during the working years.
Investigating long term care insurance companies in Maine, or anywhere, and comparing rates and policies is made easy by the Internet. By taking some time now to get quotes and learn more about your options, you can save yourself and your family a lot of stress in the future.
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