Three Points to Consider to Help You Decide If Long-Term Care Insurance Is Right for You Now

If you’re one of a growing number of Americans looking into long-term care insurance, you may be trying to figure out if it’s right for you … right now. That’s not an easy decision to come to, especially when you consider the cost in premiums, your age, and risk factors.

Long-Term Care Insurance Premiums Del Mar CA - Three Points to Consider to Help You Decide If Long-Term Care Insurance Is Right for You Now

Long-Term Care Insurance Premiums Del Mar CA – Three Points to Consider to Help You Decide If Long-Term Care Insurance Is Right for You Now

Below are three points you may need to consider before committing to purchasing a long-term care insurance policy. Just keep in mind the older you are (as you approach retirement age, for example), the more likely a long-term care insurance premiums will cost more or there may be certain risk factors associated with your health or family history that’ll make it difficult, if not impossible, to find a policy suitable for you.

1. Consider your age.

If you’re in your 30’s or early 40’s, whether you have a family or not, a long-term care insurance policy is probably not the most reasonable use of your money. Yes, you could become involved in a car accident tomorrow that leaves you disabled or significantly injured and require long-term care for months or possibly even years, but the odds of that are generally low.

If you’re in your late 40’s, 50’s, or early 60’s, you are in what’s considered the “sweet spot” to consider long-term care insurance. The median age that is ideal for beginning a policy is early to mid 50’s, but the sooner you start (such as in your late 40’s), the more affordable the monthly premium will be.

2. Consider your health.

This not only encapsulates your current health conditions, but also your family history. If there are significant risk factors of cancer, heart disease, stroke, and even Alzheimer’s or another type of dementia, the earlier you look into long-term care insurance, the better off you might be in the future.

There is no legal requirement for insurance providers to offer this coverage to somebody considered a “high risk” of long-term care needs in the future. So, the sooner you start, the more likely you’ll find a policy ideal for you and your family.

3. Your assets.

If you own your house or expect to have the mortgage fully paid by the time you reach retirement, have a 401(k) and other investments, long-term care insurance is something you should consider.

That’s because those assets will likely be used first to cover long-term care if you require it in the future. Most health insurance policies will only cover a limited amount of long-term care.

When you consider the cost of a nursing home in Alaska, for example, could run you over $300,000 a year, you quickly realize how much of an impact that will have on your assets when you can least afford it.

If you or a loved-one are considering a Long-Term Care Insurance Premiums 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.

Steve Elliott