Shopping for insurance is generally not anywhere near the top of the list of preferred activities people enjoy doing. When it comes to long-term care insurance, most people would probably readily admit they never thought about it.
Generally speaking, the sweet spot age to begin looking into long-term care insurance is in your early to mid-50’s. The longer you wait after that, the more likely the monthly premiums will increase and there may be a greater risk of not qualifying for this type of insurance.
Long-term care insurance is a valuable asset for individuals and families who wish to protect their savings, investments, and retirement. Although you may not think much about long-term care at this age in your life, there may come a time in the future when it becomes essential. If you have to pay out-of-pocket for some types of long-term care, it could completely wipe out all of your investments and savings within a matter of a few short years.
When you do shop for long-term care insurance, keep the following three factors in mind.
1. You should be able to decide where to get care.
In the event you do require long-term care in the future, it should be your decision about where you get care. You might prefer home care and your policy should cover that. If you need to be in a nursing home for an extended length of time, the policy should also cover that.
What about assisted living? A good long-term care insurance policy should also provide coverage for that. Keep in mind that a long-term care insurance policy isn’t going to cover an indefinite length of time, but generally a specific period of time, such as three years.
2. Some family caregivers can be covered.
Depending on the insurance company, the policy, and other factors, a family member such as a spouse or adult child could receive funds if they are providing long-term care for the policyholder or anyone covered by it.
3. Couples can share coverage.
When looking into long-term care insurance, you won’t be shopping around just for you if you are married. You will be shopping around for you and your spouse. Couples can share coverage, but this could reduce the length of time the policy pays out for if both covered policyholders require long-term care at the same time.
Also keep in mind if one person relies on long-term care for 2 ½ years on a three-year policy, then the other spouse requires long-term care, the coverage they will be eligible for will be shortened to about half a year.
If you or a loved-one are considering Long-Term Care Insurance Premiums in Oceanside 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