Looking for long term care insurance in Virginia is much like looking for any type of insurance. It pays to shop around. Although it can be tempting to go with the same long term care insurance company as a friend or relative did, it may not be the right choice.

Finding the best rates on long term care insurance in Virginia includes knowing the types of coverage that are available and then deciding which are essential to you. Once you’ve come to a decision about the type of policy you want it’s time to consider ways to reduce costs.

One way that people typically don’t recognize as a method of reducing costs on long term insurance rates is by lengthening the elimination period of their coverage. This means that if they specify a longer period of time between when they need care and when they actually receive care, they can save on their rates. All long term care insurance polices have a waiting period that applies to coverage. Once it’s been determined that a person is eligible for benefits, they will start receiving them after the pre-determined waiting period has come and gone. By requesting a longer waiting period, rates will drop.

The length of time that they are eligible to receive benefits will also affect their rates. If they ask for a duration that is shorter than normal, lower rates will be the result. Obviously this can be risky because they have no idea if or for how long they’ll need benefits, but for some people it’s risk that is worth the saved money in premium costs.

Once a policy has been decided on the insured can still change their mind. Virginia law states they have a whole month to review and decide on the policy. This time period should be taken advantage of as the insured considers the coverage and if it’s really right for them.

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