Choosing an insurance policy is not always considered a really personal situation, aside from perhaps health insurance. However, when it comes to long-term care insurance, a person’s family, future, retirement savings, and a number of other factors need to be taken into account.
Choosing the wrong long-term care insurance policy now could have unexpected consequences and repercussions in the future, in the event that the policyholder and/or his or her family members need any type of long-term care, either due to a medical emergency, injuries, or even surgery.
Below are three tips that can help just about any family find the optimal long-term care insurance policy for their needs at the moment.
Tip #1: Avoid focusing on cost first.
Yes, the cost of any insurance policy in the short term can have serious implications as far as financial security, but by focusing on cost as the first and primary factor when it comes to long-term care insurance, it may not offer what one would expect.
Instead, set the price factor aside for the moment. Focus instead on what the policy will offer, what it will cover, and if that is going to be enough for any prospective or anticipated long-term care needs.
Tip #2: Envision what you’d want for support in the future.
There are numerous types of long-term care. There’s home care, assisted living, independent living, and nursing home care, to name a few. What would you prefer?
Most people today would rather remain home, where they are most comfortable, as opposed to a nursing home or something similar. Home care is currently the most affordable long-term care option, but if somebody might need a nursing home or prefer assisted living, make sure the policy will cover those preferences.
Tip #3: Consider inflation and other potential cost increases.
The demand for home care is rising. With the Baby Boomer generation now retiring, demand is expected to continue increasing for the next several decades. As a result, the costs will also likely increase.
Coupled with inflation, what long-term home care costs now may be nothing close to what it will cost in 20 or 30 years. Make sure the insurance policy you choose takes inflation into account, at the very least.
When you follow this advice, you should be able to choose a long-term care insurance policy that will be optimal and ideal for you and your family at this point in time as well as your budget.
If you or a loved-one are considering a Long-Term Care Insurance Cost in Rancho Bernardo 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