How Much Should You Pay for Long-Term Care Insurance?
A common question many people have when looking into different types of insurance is, “How much should I pay for this insurance?” The answer is not as clear-cut as one might hope. There are numerous factors that come into play in determining a monthly premium. That goes for homeowner’s insurance, automobile insurance, and long-term care insurance.
For somebody looking into long-term care insurance, it is a valuable asset that can protect savings, retirement investments, and even one’s home in the future. A lot of people fail to realize just how much long-term care costs right now and the cost is only going to increase with inflation and supply and demand economics.
Long-Term Care Insurance Premiums San Marcos CA – How Much Should You Pay for Long-Term Care Insurance?
A long-term care insurance policy can protect one’s future.
Not all long-term care insurance policies are the same, so it’s essential to sit down with a qualified, experienced agent or broker to discuss the various options available. Some policies will only cover one year of long-term care while another may cover three years or more.
The longer the policy will pay out for, the more expensive it will be as far as a monthly premium is concerned. But that’s not the only factor that can impact cost of the policy itself.
Risk factors are important to consider.
When you’re shopping for automobile insurance, for example, and recently had a couple of traffic accidents, you should expect to pay quite a bit more for your monthly premium. The same holds true if you have numerous speeding tickets on your record.
When you’re talking about long-term care insurance, there are a few potential risk factors that can impact the cost of the policy itself, including a family history of certain health issues.
If there’s an increased or elevated risk of heart attack, heart disease, stroke, Alzheimer’s, and other health issues in your family, that may cause your long-term care insurance premium to be higher. That’s not a hard and fast rule, though, which is why it’s so important to sit down with an experienced agent or broker to discuss all matters related to a potential policy.
Also, the age you are when you start a long-term care insurance policy will have a direct influence on the monthly premiums. If you were to take out a long-term care insurance policy in your late 40’s, for example, you should expect to pay considerably less than what you might have to if you begin the policy in your late 50’s.
With all of these factors contributing to the cost of the monthly premium, it’s important to sit down with somebody to go over the details and decide which policy is best for you.
If you or a loved-one are considering Long-Term Care Insurance Premiums in San Marcos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
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