Risks of ‘Putting Off’ Long-Term Care Insurance
March 6th through the 12th is National Procrastination Week. Almost everyone you meet, everyone you know, and that very familiar individual looking back at you in the mirror procrastinates. Sure, there may be a few incredible exceptions to this, but most people procrastinate, at least with some things, if not most things in life. Looking into long-term care insurance premiums might just be one of those things.
We often procrastinate about the things we don’t really want to do or that is not a real passion for us. Things that have no sense of purpose in our lives, but we kind of have to do… these are things often put on the back burner for as long as possible.
If you’re in your early to mid-50s, now is the time to look into long-term care insurance. You might not be the kind of person who wants to think about these things or even recognize the importance of long-term care insurance at this stage in your life.
But, if you put off this very important consideration, you run a number of risks that mount and build and grow with each passing year. What are some of those risks? Let’s look at a few right now.
Risk #1: Paying more for the policy.
If you start a long-term care insurance policy, regardless of your family history of health issues or your own health considerations, it will be more cost-effective and affordable the sooner you begin. So, if you start a policy at 45, it will generally be more cost-effective than if you wait until you’re 55.
Every passing year you wait, the more likely the long-term care insurance premiums will increase, even though the benefits may not.
Risk #2: Being denied a policy.
Too many seniors wait until they’re in their 60s before they consider a long-term care insurance policy, but are ultimately denied. That doesn’t mean everyone in their 60s is going to be denied, but as you get closer and closer to retirement age, the likelihood (or risk) that you or your spouse or other immediate dependent will require long-term care increases.
When the risks increase beyond the benefits for the insurance company, then you may find yourself being denied a policy altogether.
Risk #3: Having to use your own financial resources to pay for long-term care.
Maybe nobody in your family ever required long-term care. That is wonderful, and not all that common, but perhaps your mother or grandmother needed nursing home care, but not until she was in her 80s.
So, you don’t think it’s important. Yet, an accident, stroke, aneurysm, heart attack, or another medical emergency can happen at any time, leaving you struggling to recover, relying on a nursing home, in-home care, or other senior care option for months, maybe even years.
Then, you have to pay for that out-of-pocket. No, most health insurance policies will not cover long-term care expenses. Medicaid will not cover those expenses, either, unless you have used up all your available assets and savings, which often includes the equity in your primary residence.
If you wait too long, you could struggle financially and have to pay for some type of senior care or long-term care yourself. Don’t let that happen. Stop procrastinating and look at a long-term care insurance policy now.
If you or a loved one are considering Long-Term Care Insurance Premiums in Oceanside 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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