When you’re looking into long-term care insurance, either for yourself, aging parents, or friends, you may have a lot of questions. It’s good to have questions and remember, the only ridiculous question is the one you fail to ask.
Long-term care insurance can be a powerful asset in helping people protect their financial investments, savings, and quality of life. You may not think there is a very real possibility you or a dependent requires long-term care in the future, but as people live longer, the likelihood of requiring some type of long-term care increases.
A common question people have about long-term care insurance involves cost.
How much a long-term care insurance policy costs you will be dependent on a number of factors, including how much you want to cover in the event long-term care is required, how long the policy pays out for, your age, health factors, and much more.
The younger you are when you start a long-term care insurance policy, the more affordable it might be with regard to monthly premiums. For example, a person who is in their late 40’s and starts a long-term care insurance policy that will cover three years of long-term care services may pay about $100 a month for the policy.
Somebody who takes out the same exact policy but waits until they’re 62 may be paying $240 a month or more. These are just examples and are not intended to provide any fiscal idea of just how much a policy may cost.
What about duration of the payout period?
In other words, how long will we know the policy pays out for? The average long-term care insurance policy may cover between two or five years of long-term care support services. These might include assisted living, nursing home care, or even home care, among other options.
You can control the cost of the monthly premium by reducing the number of years the policy would pay out as a maximum or, if you want to be protected longer in the event long-term care is necessary in your life, you can opt for a longer payout period, such as five years.
There are numerous options available for those men and women who desire to protect their financial investments and savings in the future, especially considering they may -at some point- require long-term care.
It’s best to sit down with a licensed and experienced broker to discuss the options available to you and your family at this point in your life and get a quote based on your options.
If you or a loved-one are considering Long-Term Care Insurance Quote in San Diego 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
Latest posts by Steve Elliott (see all)
- Three Ideas That Might Help in Deciding on Long-Term Care Insurance - September 16, 2019
- The Best Way to Shop for Long-Term Care Insurance Is Similar to How One Might Choose Life Insurance - September 9, 2019
- Are You at the Prime Time in Your Life for Long-Term Care Insurance? - September 3, 2019