There are numerous questions people have when looking into different types of insurance. One of the most common is, “Can I afford this?” When discussing long-term care insurance, this type of question can often lead individuals and families to immediately discount the idea.
When looking into long-term care insurance during your late 40’s or 50’s, it may not seem like a reasonable expense. You may simply assume you wouldn’t need any type of long-term care until you were in your 70’s or even 80’s, so why bother carrying this type of insurance now? Those concerns are exacerbated for individuals and families who may be struggling financially.
The more important question should be this: can you afford not to have long-term care insurance?
Most people, when they’re in their 40’s and 50’s, are simply not thinking much about long-term care. They might be supporting an aging parent or grandparent who needs long-term care, but when they look in the mirror they can’t imagine needing this for themselves for at least 20, 30, or even more years, if at all.
‘What if I never need long-term care?’
This is a common question a lot of people may have. Why bother carrying insurance and paying premiums for something they may never actually require? There are many types of insurance people carry that might never pay out on a claim. Auto insurance, homeowner’s insurance, renter’s insurance, and so forth are all examples of policies hundreds of millions of people carry and pay premiums for, but never file a claim on.
Aside from those policies that are required by law, is it necessary to even bother carrying other types of policies if they never pay out? The entire idea of insurance is protection against the possibility of something bad happening in the future.
If you haven’t taken time to understand the cost of long-term care as it stands right now, you need to do that. Take an assessment of what long-term care costs right now and then tie into those calculations the rising cost of inflation and supply and demand economics.
You may not realize it, but the cost of nursing home care continues to skyrocket. If you have to pay for that out-of-pocket, you could be looking at over $100,000 a year right now. If you live in Alaska, you could be shelling out over $300,000 a year.
Could you afford that on your salary right now? What about your savings and retirement funds? If not, you really do need to ask the question, “Can you afford not to have long-term care insurance?”
If you or a loved-one are considering Long-Term Care Insurance Premiums in San Marcos 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