Why Some Miss the ‘Sweet Spot’ of a Long-Term Care Insurance Policy
There can be a number of reasons why a person doesn’t begin certain types of insurance policies. One of the policies we’re talking about here is long-term care insurance. Maybe it is that you worry about the long-term care insurance cost. Now, if you’re unfamiliar with long-term care insurance, you might not fully appreciate or recognize its importance.
What is long-term care insurance?
This is a form of insurance that can help protect you and your personal finances in the event you or a dependent requires long-term care in the future.
There are many types of long-term care, sometimes commonly referred to as elder care. This could be assisted living, in-home care support, nursing home care, and more. Most people in their 30s, 40s, and 50s don’t think much about long-term care unless an aging parent or grandparent requires it. After all, if you don’t need it and have no intention of requiring it in the near future, why bother thinking about it?
It’s important because if you’re saving for retirement, planning on receiving Social Security payments at some point in the future, and want to live a certain way, long-term care expenses can completely obliterate your finances (and your plans).
Below are three reasons why some people in their 50s — close to the ‘sweet spot’ age to begin a policy — never start one.
Reason #1: They don’t know about it.
A lot of people in their 40s and 50s have never heard about long-term care insurance. That’s because they don’t really know much or think about long-term care for themselves. Even if an aging parent has spent considerable time and long-term care, most adults don’t associate it with themselves.
Reason #2: They assume they will never need it.
Unlike with life insurance (where every person will die), assuming you keep up the policy, it will pay out, most people immediately assume they are never going to need long-term care. So, if neither they nor their dependent, such as a spouse or disabled adult child, ever requires long-term care in a facility or at home, why would they bother?
Reason #3: They never plan for their future, anyway.
Too many people in this country don’t start really thinking about retirement until they are already well into their 50s or 60s. Suddenly, they start scrambling to figure out what they’re going to do.
After all, they want to retire, too, and not have to work until they are 70, 80, or 90. Yet, if they didn’t plan properly in their 20s, 30s, 40s, or 50s, they will often find themselves struggling to figure out how to make it possible.
That kind of person is going to face extreme challenges, and they are also the type of person who is unlikely to bother with long-term care planning.
If you are somebody who has planned for retirement, has saved and invested, and is looking forward to retirement, perhaps 10 or 15 years from now, it’s time to begin seriously contemplating a long-term care insurance policy. It’s time to get serious about protecting your financial future.
If you or a loved one are considering Long-Term Care Insurance Cost in Del Mar CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today at (858) 350-3161.
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