It’s one thing to shop for a certain item, but it’s something else to shop well. A wise shopper is one who is not going to just throw his or her money down for anything. They are going to look carefully at the offer, the product or service, the business they’re buying from, and much more. If that doesn’t describe you to date, it’s time it did, especially when it comes to long-term care insurance.
What is long-term care insurance?
In the event you or your spouse (or other covered dependent on the policy) require some type of long-term care (such as six months, a year, or even three years or more), the expense for that is most likely going to come out of pocket.
Even though you may have a good health insurance policy now, they usually have limits on how long care is covered for. Also, a lot of people incorrectly assume once they reach a certain age Medicare or Medicaid will pay for those services, but only after all available assets and savings are used up first.
Long-term care insurance helps to protect a person’s investments, savings, and assets in the event they require long-term care in their future.
How can you shop well for long-term care insurance?
First and foremost, understand there’s a ‘sweet spot’ for this type of insurance. It’s around the early to mid 50’s. If you’re in your 30’s, you can certainly acquire a long-term care insurance policy, but if there’s no family history of chronic health issues, dementia, or other serious challenges, it may pay to wait.
If you wait until you’re in your 60’s, you could find yourself denied this coverage option.
Second, you need to consider what you can afford. Some policies will pay out for up to three years of long-term care. Some may only provide one year of coverage. Some policies may begin covering long-term care after three months of services are provided and other policies after six months or one year. Adjusting these values can help lower your monthly premium now.
Third, consider the company underwriting the policy. Is it reputable? How long has this company been around? Are they trustworthy?
The more questions you ask of your insurance provider or broker, the more comfortable and confident you’ll be when making this important financial decision.
And make no mistake, it is an important financial decision, especially if you have savings, investments, and own your home. When you shop well for long-term care insurance, you will be able to head into your Golden Years with confidence, even if you face an unfortunate situation that demands long-term care.
If you or a loved-one are considering Long-Term Care Insurance Companies in San Diego 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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