There are going to be plenty of things people regret in life. There’s really no getting around that. Even those who had a clear and precise plan for their life and managed to hold onto it for the most part will reach a time when they look back and have some regrets. However, for a senior of advancing years, one regret they shouldn’t have to deal with is refusing long-term care insurance.
Unfortunately, there are a growing number of seniors who ultimately reach this same regret. They didn’t choose long-term care insurance, or they didn’t decide to purchase a policy soon enough.
Why the regret?
Well, for one thing, some seniors wait until they are in their 60’s, even their latter 60’s, to decide to look into a long-term care insurance policy. Suddenly, due to their age, health issues, family history of diseases or other chronic health matters, they might not be approved for this kind of policy.
For those who may be approved, the cost may no longer be affordable. In other words, the cost of the insurance policy is simply out of their budget.
Or, what happens far too often is people reach their Golden Years, face a serious health issue when they need some type of long-term care, and are suddenly stunned at just how much it costs.
Other seniors have this misconception that Medicaid will pay for long-term care. They are unprepared when they finally realize the truth, that, in most cases, Medicaid will only cover long-term care (and usually only in the form of nursing home or other limited options) once all assets and savings have been used by the senior.
What can men and women do now to avoid this regret?
For those in their late 40’s, 50’s, or early 60’s, they should look into a long-term care insurance policy as soon as possible. They should not wait.
The sweet spot for a long-term care insurance policy is somewhere in the early to mid 50’s. That is usually the most affordable and most reasonable time for somebody to begin a policy. However, the sooner somebody begins a policy, especially if they have a family history of chronic health issues, the more affordable it might be as they move closer and closer to retirement and those blessed Golden Years.
Don’t be one of those seniors who reaches that point in their life when they need long-term care and regret not having grabbed onto long-term care insurance when they had an opportunity.
If you or a loved-one are considering Long-Term Care Insurance Cost in Rancho Penasquitos 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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