Some people may have heard that it’s no big deal to wait until you are in your late 50’s or early 60’s before getting a long-term care insurance policy. That seems reasonable on the surface, but when you investigate more, you begin to realize that’s not true.
It’s also not necessary to pick up a long-term care insurance policy when you’re in your 20’s or 30’s.
Well nobody can predict the future and accidents happen every day, a person in their 20’s or 30’s is not likely going to require long-term care, unless they have been seriously injured in an accident or suffered an unexpected and rare medical emergency, like a stroke or heart attack at that age.
However, as people move through their 40’s and approach 50, they notice things changing with their physical capabilities. They can’t run as long or as hard or as fast as they could in their 20’s. It takes their body longer to recover from physical exertion.
In their 50’s they start having to focus on other health issues. For men, they need to go in for prostate screening more frequently. Women are advised to get a mammogram and other exams more often than they might have been advised in their 30’s.
The body changes. Physical abilities decline. The risk of health issues starts to increase. So, by the time somebody is fast approaching 60, they are considered an increased risk for medical emergencies and the prospect for long-term care. While the vast majority of people relying on any type of long-term care are 65 or over, that doesn’t mean it’s a good idea to wait until you are in your late 50’s or early 60’s before looking into a long-term care insurance policy.
The optimal time to consider this is in your late 40’s or early 50’s.
That will help you balance the lower cost of the premium with the longer stretch of time you may have to pay into it to protect yourself or your family. If you wait until your late 50’s or early 60’s, the monthly premiums on a long-term care insurance policy could be quite a bit higher than you might expect.
It’s not that dissimilar to life insurance.
The older people are, the more expensive the policy is going to be every month. The average life expectancy doesn’t change, and even for somebody who is in great health, it’s cheaper to pay for an insurance policy like this when they are in their 30’s and 40’s then if they started during their 50’s or 60’s.
If you or a loved-one are considering 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.
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