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Step 1
Go online and get information about qualifying for the Medicare plan. It is a federal program that pays for skilled nursing at your home for short durations.
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Step 2
Explore the Medicaid option which is especially designed for low-salaried workers. This plan provides partial costs for home nursing. Both Medicare and Medicaid are considered to be the cheapest options for buying long-term care insurance.
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Step 3
Contact your employer. Buying a group plan through your employer can cost less. Your coverage would remain even if you were to change jobs (generally valid only through a predetermined period). Such long-term insurance plans are available through many companies as a part of employee benefits.
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Step 4
Choose longer waiting periods if possible which will reduce your premium.
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Step 5
Understand the difference between skilled, intermediate and custodial care. Depending on your choice, the premiums will be higher or lower. Skilled care is the most expensive as it requires a registered nurse usually prescribed by a doctor.
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Step 6
Buy with the intention of financial security and asset protection. Long-term care can be expensive and potentially drain your savings. Make an effort to buy into a plan at the right time while considering inflation.
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Step 7
Make your final selection after thorough research and choose the highest rated company offering the most affordable rate for you.
