Money is tight. Maybe for the past several months or a couple of years you’ve been paying off significant medical debts, student loans, credit cards, or a mortgage you fell behind on. Despite everything you’ve been doing, clawing your way back from these incredible debts, you understand life is changing. You and your spouse or partner are getting older. Your health may be declining or there may be an increased risk of some serious issues. That’s why you’ve talked about long-term care insurance.
However, can you really afford long-term care insurance right now?
Perhaps you’re in your late 40’s, mid 50’s, or early 60’s. The older you are when you finally get around to discussing long-term care insurance, the higher the monthly premiums will likely be and the greater the risk is for you and/or your spouse relying on some type of long-term care in the future. You now have a conundrum.
Either save on the monthly premiums or cut back on other expenses to buy into a long-term care insurance policy. Which route do you take?
If you have investments, a 401(k), a pension, you’ve been paying into Social Security, and have otherwise been planning for your retirement (even if you now have to delay that by a few more years), all of that could potentially be exposed and lost in the event one of you requires significant long-term care in the future.
Imagine finally retiring, getting ready to travel or do various activities and other things you always wanted to do once you reach that point in your life, and being involved in an accident, slipping and being injured, suffering a heart attack or stroke, or facing another serious health issue that requires long-term care. Within a few short years all of that money you worked tirelessly to save and invest could suddenly be spent on long-term care.
It shouldn’t be a matter of inconvenience at this point in your life. If you’re in your 40’s still and climbing out of debt and simply can’t see this as a feasible monthly investment right now, then wait. Yes, you could be involved in an accident tomorrow, suffer serious injuries, or face the repercussions and long recovery of a heart attack or stroke, but only you and your doctor can determine your risk factor.
If you are at a lower risk, and a policy’s monthly premium would be putting you deeper in debt, wait. Take care of the other financial issues first, but if you’re in your 50s’ or 60’s, find a way to make this work for you now. Cut back on other expenses or seek out different terms that would bring a policy into an affordable range for you and your family at this point in your life. It could save you everything in the future. Getting a quote could be very enlightening.
If you or a loved-one are considering Long-Term Care Insurance Quote in Carmel Valley 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