One of the great misperceptions about long-term care insurance is that it’s expensive. One argument goes, “it’s expensive because I could pay for something I never use.”

Would you say the same thing about your homeowner’s insurance?  “It’s a waste if my house never burns down.”  Or your car insurance?  “I’d better total that car so I get my premiums back.”   Of course you wouldn’t make either of these statements. That’s because you know that every day many people have bad car accidents and every day house fires happen. You count yourself quite lucky when they don’t happen to you.

The same is true for long-term care insurance. Every day many people submit a claim on their long-term care insurance policy. According to the American Association for Long-Term Care Insurance  some 180,000 individuals are receiving benefits from their insurance coverage yearly. Some $8.5 billion is paid out annually.

Long-term care insurance is incredibly valuable protection to have should you need it. Consider yourself lucky if you live a long life and never need long-term care.

For those who are still not convinced, I’d like to share two real examples of individuals who purchased long-term care insurance. These are real people with the information provided to the Association by the nation’s leading insurance companies at the beginning of 2009.

COMPANY A: Largest open claim: $1.2 million.
The individual (a woman) purchased long-term care insurance at age 43, paying an annual premium of $1,800. Three years later her claim began and has continued for almost 12 years ($1.2 million in benefits already paid).

COMPANY B: Largest open claim: $1.02 million.
The individual (also a woman) purchased long-term care insurance at age 72 paying an annual premium of $12,766.   Three years later her claim began and has continued for almost 9 years ($1.02 million is benefits already paid) for her nursing home care.

Individuals between the ages of 55 and 59 paid between $700 and $6,950 for long-term care insurance according to a new report from the trade organization. People are taking advantage of readily available discounts to and policy design techniques to reduce the cost of coverage. You can too.

The cost for long-term care insurance coverage is based on a variety of factors. Some you have no control over such as your age and current health when you apply. Others are choices that can significantly impact what you pay. Understanding how to take advantage of applicable discounts and saving techniques can reduce the cost by 20-to-50 percent yearly.

Spouses as well as partners residing together can take advantage of the most significant discount available today when both parties purchase coverage. The discount can be as much as 40 percent applied to both policies. A number of insurers will even offer the discount when only one individual purchases coverage or can health qualify.

If you would like more information, please call Ernie Bobel of EHB Insurance Group, Scottsdale, Arizona at 602.617.4770 / 877.441.4714. Visit my website for more information. I can help make this important protection more affordable than you might think.