The first step is to look at your personal situation and decide what kind of protection you really need. While some agents may try to sell you their most expensive policy, there are several ways to reduce your premiums and still provide for some kind of future basic care. Reduce the benefit period. For example, consider opting for three years of benefits instead of four. Reduce the daily benefit.
Many policies come with an inflation rider in exchange for higher premiums.
That means as nursing care costs escalate with time, your benefits will keep pace. Consider buying only partial home care coverage or dropping it altogether. Also, many people have a spouse, friends, or relatives who can care for them at home. Since it's far more important to be covered against the potentially staggering costs of a nursing home stay, you may want to risk having to pay some or all home care costs out of pocket, in exchange for a lower premium. With this in mind, some companies offer a rider guaranteeing to refund some or all of the paid premiums after a certain period of time if no benefits have been paid.