Lowering Premiums for Long-Term Care Insurance

Shawn Plummer

CEO, The Annuity Expert

Lowering Premiums for Long-Term Care Insurance

Understanding Premium Determinants: Long-term care (LTC) insurance premiums are influenced by factors like age, gender, and health. While some of these are beyond your control, there are strategic steps you can take to reduce your premiums.

Choosing Benefit Amounts: Wisely Inflation protection is a major cost driver in LTC insurance. It might seem counterintuitive, but opting for a higher initial benefit amount without inflation protection can be more cost-effective than a lower amount with inflation coverage. This choice depends on your financial planning and risk tolerance.

Marital Status Discounts: Insurance companies often offer discounts for married couples. If both spouses are eligible for coverage, applying together can unlock significant savings. Additionally, if one spouse already holds a policy, applying with the same company can further reduce costs through a spousal discount.

Improving Health Before Application: Your health status during application can significantly impact premiums. Taking steps to improve your health—like managing chronic conditions, quitting smoking, or maintaining a healthy weight—can lead to more favorable rates.

Related Reading: Can Long-Term Care Premiums Be Reimbursed Through an HSA?

Premium Reduction Strategies

StrategyDescriptionPotential Savings
Higher Initial BenefitOpt for a larger benefit amount without inflation protectionVaries by plan
Marital Status DiscountApply as a couple or with the same company as spouse10-30%
Health ImprovementImprove health before application5-20%


Choosing the right long-term care insurance requires a balance of coverage and affordability. By understanding how premiums are calculated and utilizing available discounts and strategies, you can make a more informed decision that aligns with your financial goals. Remember, the key is to evaluate your personal situation, consider your future needs, and make choices that offer the best value for your circumstances. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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