Getting a long term care insurance can be an expensive thing. However it is important that you get one as the costs it covers are also not cheap. The most obvious solution is to get the insurance really early with a low premium and without any pre-existing conditions. Still, if you are a senior and coverage is expensive, there are still a few things you can do to keep the premium costs down.

Shorter Period of Coverage:

You can reduce the costs by getting the coverage for a shorter period of time. Avoid getting a lifetime insurance. Instead opt for coverage for three to five years. Studies reveal that the average stay at a nursing home is for around two and a half years.

Elimination Period:

It is advisable to lengthen the elimination period. The longer the elimination period, the cheaper the insurance will be. This would mean that you will have to pay the expenses for the first thirty, sixty or ninety days. The ninety days elimination period can help you cut the premium costs to a minimum.

Joint Policy:

Many companies offer a discount if you get a joint policy for both yourself and your spouse.

Daily Benefit:

You can lower your premiums by lowering the average cost per day. You can make up for it with other forms of income if you do end up needing the coverage.

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