How do you know if long-term care insurance is optimal for you right now? It’s not always easy to figure that out, but there are certain age groups primed for this type of insurance.
If you’re in your 30’s, have young children, are building your career, and even though you have quite a good savings account and some retirement investments, you might never be thinking about long-term care insurance. However, your elderly mother or father – who recently struggled with basic tasks of everyday life following some medical emergency — made you realize how expensive it is and how important long-term care insurance might be.
Age is a major factor.
A person in their 20’s, 30’s, or even early 4’0s might not be thinking about it, nor should they be, really. Unless there’s some specific concern about the future or a family history of health issues, then long-term care insurance at this age is not practical.
The sweet spot, as it were, is somewhere in the early to mid 50’s. People in their late 40’s who have significant investments and savings, though, might do well to start a long-term care insurance policy because they usually can save money on their monthly premiums as a result.
Their financial health is a concern.
A person living in poverty or struggling to make ends meet is not going to look into long-term care insurance, regardless of their age. However, somebody who has a 401(k), $20,000 in savings, have purchased their own home, and so forth have investments and money to protect.
Medicaid is not going to pick up the tab for long-term care for somebody in their late 60’s, 70’s, or 80’s until they use all their personal assets first. For those who want to protect their financial health in their Golden Years, long-term care insurance just might help them do that.
Are they approaching retirement?
Is this individual approaching retirement now? If they are, they should certainly be looking into long-term care insurance immediately. Depending on their family history, health issues, and other factors, they might not fight for it, and if they do, most likely they will be paying more for a monthly premium on it. With a quote you can get a better picture of how it will financially affect you.
Understand risk factors in the future.
When a person looks to the future, they may not see worst-case scenarios playing out. However, it’s important to understand what could happen.
A relatively mild stroke or heart attack, for example, might not lead someone to need long-term care, but what if it’s a bit more significant and severe? What if they can’t do basic tasks of everyday living without help?
The cost of long-term care is increasing, which is why this type of insurance becomes more vital.
If you or a loved-one are considering Long-Term Care Insurance Quote 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