Long-Term Care Insurance Cost Carmel Valley CA
If you just started looking around for long-term care insurance, either for yourself, a parent, or other family member, you may be dealing with some sort of ‘sticker shock.’ It’s not that uncommon, mostly because people have no idea about this insurance policy to begin with and when they finally start looking around for it, they’re expecting it to be similar to life insurance or some other policies.
Long-term care insurance can be costly and certain factors can increase the cost of the policy itself. Just keep in mind that even though long-term care insurance might be more than you would’ve expected with regard to cost, it’s still incredibly beneficial and highly recommended for anyone, seniors and otherwise.
Below are three common reasons people face sticker shock when they first start shopping around for long-term care insurance.
Reason #1: They wait too long.
Just like with life insurance, the longer you wait, the more expensive the policy is going to be. That’s because the older a person is, the chances that they’ll need some type of long-term care actually increases.
Reason #2: They don’t have a clue how much care costs.
Thinking about home care, nursing home care, assisted living, and other senior care options may eventually come to pass, but most people really don’t know how much it would cost for them or a loved one in these situations.
They have certain assumptions about the cost of home care or other senior care options, but unless they have a better idea and more accurate information about it, they could be quite surprised at the cost of long-term care insurance.
Reason #3: They assume it’s like life insurance.
As mentioned in Reason #1, the older a person is, the more expensive the policy is going to be. However, some people also assume that long-term care insurance is just like life insurance.
A life insurance policy is going to pay out upon a person’s death. It will give money to their beneficiaries. A long-term care insurance policy is going to help pay for extra support, including nursing care, for as long as that individual is alive and requires long-term care. That could be weeks, months, or many, many years.
As a result, the policy needs to cost more. The insurance company doesn’t have any idea about how much it will have to pay out if long-term care is needed. It’s simply not like a life insurance policy where the company already understands exactly how much will be paid out, whether that’s in a year or 20 years or more.
If you or a loved-one are considering Long-Term Care Insurance Costs in Carmel Valley CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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