Long-term care insurance can be a wonderful asset for those who may require elder care in the future. Elder care can cover many different aspects of support and while most people think it’s only for seniors or those in their 80s or 90s, adults as young as 18 and 20 may also require some type of long-term care due to medical emergencies, accidents, or even disabilities. All long-term care insurance premiums are adjusted for age.
No one really knows what tomorrow will bring. In fact, no one knows what today will bring. There’s a saying that goes, “Cemeteries are full of people who had other plans that day.” It is very true because things happen when we least expect them.
However, a long-term care insurance policy may not be optimal for everyone. There are numerous factors that come into play, including your age, family history of health issues, personal habits, and so much more. Below are a few facts you may not have known about regarding long-term care insurance that may help you determine whether this is something you should consider for you, your spouse, and other dependents moving forward.
A traditional long-term care insurance policy isn’t the only option.
When some people begin looking into a long-term care insurance policy, they see that the average premium for one year is cost prohibitive. That’s because they’re looking at some type of hybrid policy.
They may have heard that 55 years of age is the ‘sweet spot’ for a policy, so they wait until around that time, discovering that the policy might cost them $2,700 for a year for them and their spouse (current national average).
However, some whole life insurance policies do provide options to draw from them for long-term care. You may even consider a different hybrid policy that helps offset the cost of a long-term care insurance policy by itself.
Whichever route you choose, though, make sure you decide early enough so that the policy doesn’t become cost prohibitive, such as if you wait until you are 60 or 65, if you or even eligible at that point due to personal health history and other factors.
Traditional long-term care insurance policies are still cheaper.
One of the reasons why many people assume long-term care insurance is too expensive is because they end up looking at those hybrid options. If you’re planning to use some of your savings, then a hybrid policy may work best, but if you’re looking for the most cost-effective coverage, a traditional LTC insurance policy is the way to go.
Long-term care insurance premiums will rise sharply at a certain point.
That’s why you don’t want to wait until you are well into your 60s to begin looking for an LTC policy. Begin when you are in your early 50s because, once you hit your 60s, you can expect to pay 10 percent or higher rates for the same policy coverage.
Also, you never know what tomorrow will bring; accidents and medical emergencies can occur at any time, even if you’ve already gotten a clean bill of health from your doctor.
Never underestimate the importance of elder care or its cost. If you want to protect your savings, your assets, and your spouse or other dependents, a long-term care insurance policy can help you do just that, making it possible to afford elder care, even as those costs rise, too.
If you or a loved one are considering Long-Term Care Insurance Premiums in Rancho Bernardo 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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