Discounts

What Premium Discounts Are Available?
Long-term care insurance companies are able to offer several choices of premium discounts for couples and partners, and even extend these discounts to people living in the same house such as siblings when they both apply for coverage. In addition to those types of discounts, incentives are given for preferred health, families, loyalty, association and worksite.

Most long-term care insurance companies offer married or couple discounts to gay and lesbian couples that live together, even if they are not married.  The typical long-term care insurance couple and partner discounts can range from 10% to as much as 50% depending on the specific company.

Preferred or good health discounts are given to long-term care insurance policy holders who have above average health.  These preferred health discounts could be significant, ranging from 10-20% off the entire long-term care insurance premium. Each long-term care insurance company may have different preferred health criteria, which an applicant must meet in order to qualify.

Family discount means when the insured and at least two other family members own separate individual long-term care insurance policies. Each can receive a discount of about 5%. Not all carriers offer this discount.

An insurance company may offer loyalty discounts to their current policyholders (if they have their homeowner’s insurance with that company, for example) as an added benefit because the insured has done business with them before. These discounts can begin at 5%.

You can save 5% to 10% if you are an active member of an association group. These policies are generally called “multi-life” and are offered to the entire membership in the organization.

Many carriers offer a 5% to 10% discount if the insurance plan is offered at your place of work with payroll deduction for ease of premium payments. The plans are called “true group” and cover many employees and family members.

The way the premiums are paid to the insurance company will also determine if there is a discount for the payments made on an annual basis as opposed to monthly, quarterly, or semi-annual. One annual premium paid is the lowest cost for administration.

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