Most of us make plans for a number of things for our lives. We make plans for vacations. We make plans to move into a new house. We make plans to pursue a new career or job with a different company. We help our teenage children plan for college, to go into the military, or to begin working once they graduate high school. We plan for retirement. One thing we rarely ever think about or plan for is the possibility of requiring long-term care.
That’s why so few Americans actually consider long-term care insurance. However, it is an incredibly important insurance policy to think about, especially as you move through your 50’s and approach your 60’s.
What is the ideal age to start a long-term care insurance policy?
You can ask a number of people this question and receive plenty of answers, but for the most part, on average, the ‘sweet spot’ is somewhere in your early to mid 50’s. Selecting and starting a long-term care insurance policy after this age increases the risk you could be denied due to health issues or other factors as well as an increase in the monthly premium.
Some people begin a long-term care insurance policy in their 40’s, more commonly toward their late 40’s as they approach 50, and while that is certainly a good idea, too, many of the people who do this have a family history of certain health issues, including Alzheimer’s, heart attack, stroke, and cancer.
Why do you need a long-term care insurance policy?
Technically speaking, you don’t ‘need’ one, but if you are saving for retirement, have investments, or have a home you plan on paying off by the time you reach retirement, all of that could be compromised in the event either you or your spouse or another dependent requires any type of long-term care.
The cost of long-term care continues to increase in this country. It is outpacing inflation. That means if you or a dependent required three years of nursing home care, depending on where you live, that could cost you more than $300,000, even approaching $400,000.
Three years is not out of the realm of possibility, especially when you are in your 70’s or 80’s and suffer some major medical emergency or injuries sustained in an accident. No one plans on these things, but if you don’t contemplate or consider long-term care as a possibility, you will never think about long-term care insurance. If you never think about long-term care insurance, you could be putting your financial health at risk.
If you or a loved-one are considering Long-Term Care Insurance in Carlsbad 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