If you’re looking for long-term care insurance, you’re seeking to help protect your finances and family into the future. You recognize there may be a need at some point in the future for long-term care. You also may understand the cost of long-term care continues to increase, especially with growing demand.
As you start searching around for a long-term care insurance policy, you might be trying to figure out the right one for your budget. You don’t want to spend too much on a monthly premium, but then again you don’t want to be left out in the cold 10 years from now, for example, if you find out the policy isn’t covering what you thought it would.
There are several factors that can impact the monthly premium of a long-term care insurance policy. We highlight three of them below.
Principal Factor #1: Your age at the time you purchase the policy.
The older you are when you purchase a long-term care insurance policy, the more expensive it’s going to be. For example, if you decide to shop around for a long-term care insurance policy when you’re 50 years old, you might expect to pay a $100 per month for a particular policy (this is merely an example, not a quote).
If you’re in generally the same health at 60, that same policy might cost $200 per month. Keep in mind, this is just an example to highlight how your age at the time you purchase a policy can directly affect monthly premiums.
Principal Factor #2: The maximum amount the policy pays out per day.
Your policy may cover $100 per day if you require long-term care (example). You might prefer a policy that covers more than that or perhaps less. What you choose and what’s available will directly affect the monthly premium for that policy when you begin it.
Principal Factor #3: The number of days/years the policy pays out.
You can help lower the cost of the monthly premium by limiting the number of days or years the policy will pay out in the event you or a dependent (such as your spouse) requires long-term care in the future. Some policies will pay out for up to three years while others are calculated based on a number of days.
As you can see, there’s flexibility available to you for a quality long-term care insurance policy that will help you protect your family and its financial health in the future while also helping you stay within your budget now.
If you or a loved-one are considering the Long-Term Care Insurance Cost in Encinitas 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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