Whenever you’re looking at purchasing insurance, one of the key questions you may have involves whether or not it is really necessary. A lot of people who rent apartments or condos may be “required” to carry renter’s insurance, for example, but do they really have it? What about for something that isn’t a ‘requirement’?
Long-term care insurance is certainly not a requirement that anybody must have, but it can be a powerful way to protect one’s assets and savings in the future. Not many people contemplate long-term care insurance until they’re well into their 50’s or 60’s.
While the optimal time to take out a long-term care insurance policy is somewhere in your 50’s, if you wait too long you may no longer qualify due to some health issue or other factor. So, is this really worth it when you’re in your 30’s, 40’s, or early 50’s?
This type of insurance can be a lifesaver.
It may not save your life, but it sure may feel like it in the event you, your spouse, or somebody else who is legally dependent on you requires long-term care. You might not think that would even be a possibility until you’re deep into your 70’s or 80’s.
In reality, accidents, health emergencies, and other situations can change and upend lives. Imagine you’re in your late 50’s, diligently saving, investing, and working toward retirement. You’re planning to retire at the age of 67.
You’ve got about 10 years to go and you just got back from a visit with your doctor and she told you you’re in great health. In fact, she said, “You have the body of a 40-year-old.”
That made you feel good, didn’t it? But, you have a stroke on your way home. It may not be a major stroke, but enough to land you in the hospital for a few weeks going through a battery of tests and beginning the recovery process.
You might have to go to a nursing home for several weeks and then, if you’re lucky, you’ll be able to return home. However, physical therapy is going to take months. You’ll have to relearn some of the most basic things you used to take for granted.
Your health insurance policy is only going to pay out for the first six weeks. After that, you’re on your own. What if you require more than a year of intensive support and home care?
Most people would deplete their savings in that time. A long-term care insurance policy could help pay for the bulk of these services. So, now let’s ask the question again: is long-term care insurance really worth it?
If you or a loved-one are considering Long-Term Care Insurance in Del Mar 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