The New Year has rolled in. Whether that happened last week, last month, or several months ago, most people have long forgotten their New Year’s resolutions. That might be you, too. It’s okay. Not everyone is going to keep track of them. In fact, most people forget about them within a few weeks. Yet, one of your resolutions may have involved protecting your assets and savings better. You might have a 401(k) that was doing well before this year. Or maybe you had a number of IRAs or other personal investments, a savings account, or you started investing in gold or have long-term care insurance premiums for possible future long-term care.
Whatever the case may be, you’re thinking ahead. You are looking to your retirement years so that you and your spouse or other dependent can enjoy those years on your terms. Yet, how often have you thought about long-term care insurance?
There are many aspects of long-term care insurance people don’t realize, so they never really look into it seriously. This is especially true the younger you are. If you’re still in your 30s or early 40s, long-term care insurance is not something you are even going to remotely consider. That’s okay. Eventually, the time will come when it’s necessary (or should be).
Is it the right time for you?
If you are 55 — or around that age — this is the perfect time to begin a long-term care insurance policy. What if you’re in your mid to late 40s? What about your early 50s? Perhaps you’re already 60 or 63 or so. Is that an okay time?
Fifty-five may be the sweet spot for beginning a long-term care insurance policy, but it’s not the only one. The sooner you begin a policy, the better. That’s especially true if you have serious health issues or a family history of health issues.
You don’t have to be 55 to start.
Some people incorrectly assume they have to be at least 55 years of age to begin a long-term care insurance policy. Patently untrue. You can be at any age to begin a policy.
Would it make sense, then, to start a policy in your 30s? Not necessarily, but if you have the financial resources and have some concerns that maybe you get involved in an accident or a medical emergency strikes you or your spouse all of a sudden and you could require long-term care, the policy could cover you financially.
Whole life insurance may not be the best option for you.
You might’ve heard that whole life insurance could be beneficial because you could draw out of the policy in the event you require long-term care at some point in the future. With the cost of elder care rising across the board, that might not cover much. That’s why long-term care insurance is simply a better option.
Understand the costs of long-term care and long-term care insurance premiums today.
The average cost of assisted living is between $75,000 and $85,000. For a nursing home, it could cost you $85,000 to well over $300,000, depending on where you live. In-home care can average between $45,000 and $55,000 for full-time care, which doesn’t include around-the-clock care.
Those costs are only increasing (dramatically) because of inflation and supply and demand economics (the baby boomer generation is retiring, placing more pressure on long-term care facilities to meet their needs).
So, in this new year, consider all your options when it comes to long-term care insurance and long-term care insurance premiums.
If you or a loved one are considering Long-Term Care Insurance Premiums 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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