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What Factors Cause Changes to Long Term Care Insurance?

In our changing economy the cost of long term care insurance has become a greater concern. Medicare is changing. Increased medical technology has lengthened your life expectancy. Provisions for these extra years and levels of care are issues many of us are facing. These shifts in lifestyle are causing many to consider the benefits of purchasing Long Term Care insurance (LTC insurance). The difficulty of the decision is increased by the multiple variables in cost based on coverage.

Factors of Age

The age at which you purchase your policy is a large factor in determining the cost of your Long Term Care insurance. Since a younger person is less inclined to make a claim his or her premium is much lower than that of an older person. Old er client’s premiums are much higher as the risk involved is greater. As with any insurance policy the higher the risk the more costly the premium will be. Your LTC insurance policy may not come with a fixed rate; and premiums may continue to increase as you age.

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