Financial Advisors

There are several steps you could take to help make long-term care insurance more affordable.

1. Good health counts. Applying and qualifying for long-term care insurance when you're healthy may earn you money-saving discounts and possibly reduce your annual premiums by 10 percent to 20 percent - depending on the insurer.



2. Married and partner discounts. Depending on the insurer, you may be able to receive a multiple-policy premium discount. This offers annual savings from 15 percent to 40 percent when you and your committed-relationship partner purchase coverage together.



3. Reduce your premium by adding a waiting period. Also known as an elimination period, this waiting period is based on a number of days (typically 30, 90 or 180) that you agree to cover your long-term care bills before your long-term insurance policy benefits begin.



4. "Right Size" your benefits. You could save on your annual premium by agreeing to a lesser coverage amount, and thus fewer benefits. This could help the premium fit your budget



5. Business owner tax savings. When purchased through your business, your company may be able to deduct the cost of the premium for long-term care insurance for yourself, your spouse and your children



6. Purchase through an employer. You may be able to save money by buying long-term care insurance through your employer as part of a group plan. Remember to check rates and benefits of the policy to help ensure value for your situation.

To learn more about cost-effective long-term care insurance, or to speak with an H&R Block financial advisor, call 1-866-295-7912. Your advisor can schedule a complimentary long-term care insurance review that could help you identify coverage to help meet your needs.