Final answer:
Waiting until you are retired to obtain the insurance is the only option that will not lower the premium of long-term care insurance.
Step-by-step explanation:
The correct answer is C) waiting until you are retired to obtain the insurance. Waiting until you are retired to obtain long-term care insurance may result in higher premiums. Long-term care insurance premiums are typically based on age, health, and other factors. The older you are when you get the insurance, the higher the premiums are likely to be.
Having a longer waiting period before the policy goes into effect (A), having a higher stop-loss provision (B), and choosing to receive benefits for a limited period (D) are all factors that can lower the premium of long-term care insurance.
A longer waiting period means the insurance will not kick in until a certain period of time has passed, which reduces the risk for the insurance company.
A higher stop-loss provision means the insured person has to pay a larger portion of the expenses before the insurance coverage starts. Choosing to receive benefits for a limited period reduces the risk and potential cost for the insurance company.