Have you ever heard somebody say you’d do well to consider long-term care insurance? If you’re in your 50’s and nobody has said that yet, consider it said. There are plenty of reasons why long-term care insurance is a valuable asset, especially for people in their 50’s because, in the not too distant future you will be facing even more health issues, risk factors, and potential challenges.
Long-term care insurance is designed to help protect your financial assets — including your retirement portfolio, savings, and maybe even your house — in the event you or your spouse (or other legal dependent) require some type of long-term care.
There are numerous reasons to consider long-term care insurance and we highlight just three of the top ones below.
1. You don’t have a lot of assets.
Even if you don’t have significant savings, retirement investments, or a pension, whatever assets you do have (such as in the form of your primary residence) could be at risk if you or your spouse require nursing home care, for example.
Before Medicaid will kick in and begin paying for this type of long-term care, you would have to use up all of your assets to pay for it first. That means you might have to sell your house or take out a reverse mortgage just pay for that level of long-term care.
2. There’s a risk of serious health issues in your family.
If you have a family history of certain health issues, like Alzheimer’s, heart disease, or even cancer, you’re probably at an elevated risk of needing some type of long-term care in the future. If that’s the case, the sooner you get a long-term care insurance policy, the sooner you can protect yourself and your family from these ongoing expenses in the future.
3. You’re moving too quickly through your 50’s or 60’s.
If you feel time just slipping away from you, that’s a good sign 70 or even 80 is going to be here before you know it. The older you get, the more likely you will face some type of serious health issue that may require long-term care.
Playing the odds, as it were, you may not think much about the possibility of requiring long-term care in your 40’s or 50’s, but eventually you might get to a point when the odds stand at 50-50.
It’s best not to wait too long into your 50’s because the sooner you start a policy, the more affordable the monthly premiums.
If you or a loved-one are considering Long-Term Care Insurance in San Marcos 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
Latest posts by Steve Elliott (see all)
- With the Cost of All Long-Term Care Rising, It Makes Sense for Older Americans to Have Insurance - December 9, 2019
- Long-Term Care Insurance Won’t Help Someone Who Refuses Support - December 2, 2019
- The Point of Long-Term Care Insurance - November 25, 2019