Strategies to Employ to Afford Long-Term Care Insurance

By Steve Elliott | April 23, 2024 | Comments Off on Strategies to Employ to Afford Long-Term Care Insurance

With an economy that is struggling, to say the least, with inflation that continues to cause financial pain across a wide spectrum of the American populace, it may be difficult for somebody in their 40s or 50s to even consider starting a new insurance policy. Yet, by the time you’re 55, that is the best opportunity to begin a long-term care insurance policy.

Long-Term Care Insurance Encinitas CA - Strategies to Employ to Afford Long-Term Care Insurance

Long-Term Care Insurance Encinitas CA – Strategies to Employ to Afford Long-Term Care Insurance

You may be diligent about saving, perfect when it comes to paying down your debts, and have been looking forward to retiring a little bit early, and now you have just heard about long-term care insurance. Perhaps an aging parent, grandparent, or somebody you know who had a parent or elderly individual just went through long-term care and that has caused you to think about it for yourself and your spouse.

Yet, whether you have looked at a policy already, received a quote, or are just starting the process, you may be considering your current budget and wondering how in the world you would be able to afford it, no matter what it costs.

Let’s look at three strategies that you could start employing today that may just give you room enough to begin and carry a long-term care insurance policy into your Golden years of life.

Strategy #1: Get a handle on your monthly spending.

Do you know why this is such an important factor? Because, even the most budget-conscious individuals have gotten into a bad habit of swiping their credit or debit card for every purchase, losing track of the small expenses that begin adding up over time.

The café double latte here, a video rental there, a monthly streaming expense of two or five, and before you know it, you could be spending $200, $500, or even $1,000 or more every month without even realizing it.

Now is the time to get a handle on your monthly spending, if you don’t have a clear picture of it. Sure, you might have no trouble paying off $1,000 on all of these expenses, but maybe you don’t realize just how much you’re spending on coffee, candy, movies, or other entertainment options.

Strategy #2: Determine the policy you would want.

This means sitting down and speaking to an experienced agent or broker, somebody who has been working within the long-term care insurance field for many years, and going over the various options to find the policy that would be best for you, your spouse, or other dependents.

Once you have figured this out, it should give you a rough idea of how much that policy would cost monthly.

Strategy #3: Cut out unnecessary expenses.

Do you need that second or third iced mocha latte, extra-large, every single day? Not only would this be considered extremely unhealthy for somebody in their 50s or 60s, but it’s also costing you quite a bit of money. Cut that out every day and you just might have enough to pay for that long-term care insurance policy.

No, nobody wants to cut things out that they enjoy, but when it comes to protecting your future, your assets, your savings, and your investments in the event you or your spouse or other dependent needs long-term care in the future, you may just find it’s the best decision you make at this stage in your life.

If you or a loved one are considering Long-Term Care Insurance in Encinitas CA, please get in touch with Steve Elliott at Capstone Insurance for an honest discussion about your future and options. Call today at (858) 350-3161.

Steve Elliott
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