Can you negotiate assisted-living prices?

When you start looking for long-term care facilities, you’ll probably see that most of them show the monthly rates. However, just because the amounts appear on the website doesn’t mean they are set in stone. There’s no reason for you not to try and negotiate a lower rate. Maybe your elder relative is eligible for move-in stimulus or for some free services. The only way to know is by asking!

When should you buy long-term care insurance?

Long-term care insurance can be useful in terms of covering some part of the costs, if not all of them. However, time is of the essence, so if you want to avoid high premiums, it’s better to purchase a policy sooner rather than later.

According to the American Association for Long-Term Care Insurance, the smartest move would be to apply for long-term care insurance at age 50 to make sure you get the best discounts for being in good health and the lowest rates. Watch out for the insurance’s elimination period, namely how long you have to wait before you get to receive the benefits. If the duration is longer, the premiums are lower but going for a shorter period might be better in case there are not enough funds to pay for several months of care.

Make sure you also check 7 Unexpected Costs of Retirement You Need to Know.