No one knows what tomorrow’s going to bring. It’s one of the reasons why families are encouraged to have health insurance and, when they are completely responsible, life insurance. Life insurance can be crucial to helping families stay in their home and navigate through difficult times when somebody passes away. When it comes to long-term care insurance, though, it can be difficult for people to figure out when they should even consider this option.
The simple answer is: there’s no set age.
A person could be in their 40’s and considering long-term care insurance and they wouldn’t be wrong to do this. Some people might see that as being a bit unusual, especially considering the fact that the vast majority of people who rely on long-term care of any kind are considered elderly.
However, accidents, major surgery, and health emergencies can strike at any time. If somebody is being responsible enough to set aside money for retirement, investing in 401(k)s, buying stock options, carrying life insurance, and so much more, it would be beneficial to help protect those investments by considering long-term care insurance.
The cost of long-term care insurance usually increases with age.
If a person waits until he or she is 55 to begin a long-term care insurance policy, they will most likely be paying more than somebody who begins the policy at 50 years of age or even 45. It’s also a good idea for people to be aware that when they reach a certain age, such as in their mid or late 60’s, some insurance companies may not even offer long-term care insurance as a policy any longer.
What if somebody’s not going to be using this until they’re in their 80’s?
Again, nobody can predict the future. If somebody is most concerned about the cost of long-term care insurance, they should be encouraged to calculate just how much it may cost them in 20 years to pay for long-term care out-of-pocket. The average cost of assisted living today is about $75,000. Multiply that by five or 10 years and the numbers become astronomical.
It should be easy to see just how quickly a person’s savings can be obliterated with long-term care. A small investment into long-term care insurance every month is a small price to pay to protect one’s assets, whether they end up needing it when they’re in their 50’s, 60’s, 70’s, or not until their 80’s or 90’s.
It’s about being prudent and protecting one’s hard work throughout life.
If you or a loved-one are considering Long-Term Care Insurance Cost Encinitas 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