Usually the best time to look into purchasing a long-term care insurance policy is after you’re 45 and before you reach 65. While it may still be possible for somebody in their 70’s to find and afford a long-term care insurance policy, it also is just as likely they may not qualify due to age, health issues, or even physical limitations.
Your elderly parent might be well into her or his 70’s already when you begin to calculate the potential cost of long-term care. Maybe you heard that a nursing home can cost, on average, over $7,100 per month (Genworth) totaling almost a $90,000 per year.
Those numbers can be staggering.
When you calculate your elderly mother’s income, savings, and the retirement plan she built with your father, she’ll run out of money within a matter of two or three years, at best. But, she has been denied long-term care insurance, so that’s not an option for her now.
Right now, all you and she can really do is wait and hope for the best. That’s not a wonderful mentality to approach the Golden Years of life, is it?
What about your future?
Even though long-term care insurance may not be an option available to your mother any longer, it’s still something you can consider for yourself and your immediate family. Perhaps you’re in your 40’s or into your 50’s. The average age of a caregiver today is 48 (Forbes). Is that what’s happening at the moment? Are you looking after and trying to care for your elderly mother right now?
Have you begin thinking about what might happen in 20 or 30 years when you’re then in your 70’s? Will your spouse, adult children, or others be willing or able to help? Or would that place too much stress and pressure on them, something you certainly don’t want to do to them?
Will your retirement savings be ample to pay for nursing home care or even full-time, around-the-clock home care?
Maybe you don’t know what the future will hold financially, but have been putting into a 401(k) and investing in stocks and bonds. No matter how much effort you put in, long-term care can dramatically deplete funds in a matter of a few short years.
Now might be the perfect time for a long-term care insurance policy.
Just because you can’t get one for your mother now doesn’t mean you can’t protect yourself and your immediate family with a long-term care insurance policy moving forward.
If you or a loved-one are considering the Long-Term Care Insurance Cost in Rancho Penasquitos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.