Long-term care insurance could be a wonderful asset for people as they move through their 50’s and head into their 60’s and 70’s. Yet not everyone will qualify for long-term care insurance.
For those who do, though, the cost of the policy could increase based on several factors. This has the potential to make a policy fiscally unrealistic, or at least more challenging to begin and keep up with, especially when that individual reaches retirement age.
Keep in mind, though, some long-term care insurance policies impose higher rates due to several factors. Some of these factors can be controlled, at least to some degree.
Let’s look at some habits that might negatively affect the cost of a long-term care insurance policy.
As with many types of insurance, habits like smoking can raise their cost. That could happen with long-term care insurance as well.
Remember, the insurance company is there to not just provide a barrier for people to protect themselves, but to make a profit. If you smoke and continue to do so, then prepare yourself for the likelihood of higher rates.
Depending on your age when you first look into long-term care insurance that it’s possible to be denied coverage.
2. Family history of chronic health issues.
There might not be a family history of certain health issues, like Alzheimer’s, for example that could raise the cost of long-term care insurance.
You don’t have much control over this factor, though. The best thing you can do, however, is look for a policy as early as possible (in other words, don’t wait).
You can’t control how old you are, but you certainly can begin looking into long-term care insurance as early as possible. Some people begin looking when they’re in their mid to late 40’s, but most seem to wait until they are in their mid-50’s.
That also happens to be the ‘sweet spot’ for a policy, where the likelihood of needing it coupled with monthly costs are best aligned for the aging person’s interest.
The longer you wait to begin a long-term care insurance policy, the greater the chance that the cost will be higher and depending on certain conditions, there is also a greater chance of being denied coverage.
If you are in your 40’s or 50’s now, contact a long-term care insurance company to determine what kind of coverage and the cost associated with it might be.
If you or a loved-one are considering Long-Term Care Insurance Companies in Del Mar CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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