Is It Too Early to Begin a Long-Term Care Insurance Policy When I’m 49?
“I’m 49 with a solid retirement plan. I have good investments and a strong 401(k). I’ve been learning about long-term care insurance policies, but I’ve also heard that the best time to start a policy is when you are 55.”
This commonly asked question — worded in many different ways — depicts somebody who is careful about their future planning. They have done well to think about their finances when they retire. They want to protect themselves in every way.
It’s also an important question for people to begin asking as they move through their 40s and into their early 50s. Just because the ‘sweet spot’ for long-term care insurance is around 55, that doesn’t mean a person has to wait until they’re that age to start a policy. They can begin a long-term care insurance policy at any time.
Why is 55 the ‘sweet spot?’
This is generally considered the time when age begins to catch up with people. As long as you don’t have any family history of serious health concerns, like Alzheimer’s, certain forms of cancer, or anything else that may be genetic or hereditary, most people are considered relatively healthy through this age.
From 55 onward, though, things can deteriorate over time. You begin slowing down. You begin experiencing increasing health risks and health issues. If you wait until you are closer to 60 or even 65 to look into long-term care insurance, you could find the policy is cost prohibitive. Or you may just realize you’re no longer eligible to get a policy or at least one that makes sense for your family and budget.
What are the benefits of starting a long-term care insurance policy early?
Let’s say you are like the person who asked this question, in your late 40s. Is there any real benefit to beginning a long-term care insurance policy now? After all, most likely you’re not going to need it, right?
That may be so, but the policy will most likely be cost-effective for you. It will, most likely, be more affordable if you start it when you are 49 as opposed to 55 or 59. Plus, anyone who has been paying attention lately understands there are some serious health risks affecting people of all ages now.
There are also more reckless drivers on the roads today, creating havoc even for extremely safe individuals. You could even trip going down the stairs as you leave work, topple down, and be seriously injured. This could lead to months and months, possibly even longer, in the hospital or a nursing home.
It isn’t just about you, though, either. It’s also about your spouse or other legal dependent. What would you do if you had to pay for nursing home care out-of-pocket in the next couple of years? For most people, it would either obliterate their savings or force them to tap into their retirement investments.
That could drastically alter your plans for the future. So, if you are truly concerned about your future savings and investments, it’s never too early to start a long-term care insurance policy.
If you or a loved one are considering Long-Term Care Insurance in Carlsbad 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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