Page 50 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

32 Growing Old Without a Plan for Long Term Care is not for Sissies advisor to fnd the best company and premium for that combination. If the resulting premium is not affordable, start making adjustments to the benefts such as lowering the beneft amount, reducing the beneft period, increasing the elimination period, changing the infa- tion protection or eliminating options. Premium Driven Approach Determine what premium fts your budget and ask your Long Term Care Planning Advisor to help you fnd the best combination of benefts and options you can purchase for that premium. You can try various beneft limits and options to see what fts within your budget and choose the combination that is the best ft for you. Hey, that’s almost like buying a car, isn’t it? There is a big difference though. The value of your car will go down over time and the value of your Long Term Care Insurance policy will go up! Many people have monthly car payments two or even three times larger than the average monthly Long Term Care Insurance policy premium. Which do you think is the best buy? How Are Premiums Paid? While we’re on the subject of cost, let’s look at how the premiums for a Long Term Care Insurance policy are paid. Most companies have four payment options available; Annual, Semi-Annual, Quar- terly and Monthly. Annual, Semi-Annual and Quarterly are usually available by direct bill in which you get a billing notice for each payment. Monthly is generally offered only when you choose to have the premiums automatically deducted from your checking or savings account. Some companies offer payment by credit card for all premiums and some offer credit card payment for the initial premium submitted with the application only.