When you’re struggling financially, any extra expense is going to be a burden. You might be in your 40’s, 50’s, or early 60’s and wondering if long-term care insurance is even worth looking into. You could have calculated how much this would cost you each month and figured it’s simply not worth spending the money, at least not right now.
A lot of people assume they just can’t afford long-term care insurance, especially if they don’t have a lot of disposable income at the end of the month. Wouldn’t it be better to invest those few dollars you have left over each month or save it?
A more important question is this: can you afford not to have this type of insurance?
The simple answer is sure, you can afford not to have this insurance. After all, not everyone is going to require long-term care. However, as people live longer and hospitals as well as the federal and state governments discover the benefits of home care, you might just find yourself in a situation in 10 or 15 or 20 years needing long-term care.
Could you afford it then? Most people couldn’t. Even if you have savings at that point, a retirement portfolio for example, it could completely wipe that out quickly.
Once people understand just how important long-term care insurance is, they might do whatever they can to get a policy now rather than waiting. Here are a few ideas that might just help you afford this type of insurance policy.
Start the policy early.
If you’re in your 40’s, you might not need a long-term care insurance policy just yet, but the sooner you start one, the more affordable the monthly premiums will be. For example, at 48 and in good health, you might only have to pay $100 a month for a policy whereas at 55 it might cost you $200 a month (please keep in mind this is not a quote or even an accurate representation of policy rates but rather a simple, easy to view example).
Investigate your spending habits.
You might not realize it, but you could be spending $100 or $200 a month, every month, on frivolous expenses that don’t even matter, things you never even realized. You could cut some of that out to pay for a long-term care insurance policy.
Calculate the cost of long-term care in the future.
Would you have any idea that one full year of nursing home care in Alaska could cost more than $325,000? Once you realize the cost of long-term care, you might just find the money for a policy when you’re in your 50’s or early 60’s.
If you or a loved-one are considering Long-Term Care Insurance in Rancho Bernardo 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