When you’re looking into something new, something you have no experience with previously, questions are essential. Take, for example, long-term care insurance. You may have no prior experience with this type of insurance, but does that mean you can make a quality decision unless you ask questions?
Some people discount the idea of long-term care insurance at certain stages of their life, mostly because they don’t truly understand what it offers, what it protects against, and how it can benefit them.
If you’ve been looking into long-term care insurance or heard about it, here are three common questions other people have had that could help you realize it’s inherent value.
Common Question #1: Do I really need it at my age?
The ideal time to begin a long-term care insurance policy is in your early to mid 50’s. Some people look into long-term care insurance in their 40’s, especially if they have a parent or grandparent who recently required some type of long-term care.
When you see somebody else struggling with basic tasks of everyday life or even to pay for long-term care, you might become nervous, scared about the future, and wonder how you could possibly even pay for it yourself. Yet, you are strong, fit, and healthy. At your age, is it really necessary?
Common Question #2: What will it cover?
Each policy is different, so you can’t take an open ended question like this and provide a thorough answer. Generally speaking, though, a long-term care insurance policy will cover the cost of long-term care for a designated length the time, according to the policy itself.
The average policy payout period is for about three years, meaning this type of policy will pay for long-term care for about three full years.
Common Question #3: What types of long-term care will it cover?
Again, some policies may differ, but generally speaking long-term care includes assisted living, home care, and nursing home care. The cost of each of these can vary, but take nursing home care as an example. The average cost in the United States for this level of care and support is around $85,000.
In some states, like Alaska, it can exceed $300,000 annually. Most people cannot afford that for long and if you had to pay for this expense out-of-pocket, how much would it hamper your retirement funds or savings during your Golden Years?
If you have other questions, don’t dismiss them. Instead, reach out to long-term care insurance companies and speak to an experienced insurance broker or agent to discover whether a long-term care insurance is right for you, right now.
If you or a loved-one are considering Long-Term Care Insurance Companies in Rancho Penasquitos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
Latest posts by Steve Elliott (see all)
- Could You Afford Assisted Living If You Don’t Have Long-Term Care Insurance? - October 14, 2019
- Long-Term Care Insurance Can Actually Help Seniors Remain at Home Longer - October 7, 2019
- Why Do Long-Term Care Insurance Rates Vary So Much? - September 30, 2019