How to Plan for Long-Term Care Insurance When Approaching Your 40’s and into Your 50’s

By Steve Elliott | March 9, 2020 | Comments Off on How to Plan for Long-Term Care Insurance When Approaching Your 40’s and into Your 50’s

If you are in your 30’s or 40’s right now, you probably don’t need long-term care insurance. If there’s a family history of chronic health issues, early onset Alzheimer’s or another type of dementia, heart attacks, strokes, and so on, though, long-term care insurance could certainly be something you might want to consider, but for the most part the “sweet spot” age to begin this type of policy is in the early to mid 50’s.

Long-Term Care Insurance Cost Carlsbad CA - How to Plan for Long-Term Care Insurance When Approaching Your 40's and into Your 50's

Long-Term Care Insurance Cost Carlsbad CA – How to Plan for Long-Term Care Insurance When Approaching Your 40’s and into Your 50’s

Yet, if you’re in your 30’s or 40’s, it’s still a good idea to begin planning ahead. You may not need to purchase a long-term care insurance policy at this time in your life, but it can be an invaluable asset that protects your savings and retirement funds in the event you (or your spouse who may be a beneficiary on the policy) require some type of long-term care in your 60’s, 70’s, or 80’s.

Investigate the options available now.

The more you know about long-term care insurance, the various options available, how long the policy would pay out for, what it might cover, and so on, the easier it will be for you to make that decision when you approach the “sweet spot” for beginning this type of policy.

There will certainly be various options, including how much is covered annually, how many years the policy will pay out for, the waiting period (how many months you may have to pay for direct care before the policy will begin covering those services), and so forth are all options you will have to consider when you do purchase a long-term care insurance policy.

Consider your health and family history.

If there is family history of significant and chronic health issues or you have certain health related challenges now, that could impact your ability to purchase a long-term care insurance policy in the future. It may also affect the cost of the policy.

You’ll want to determine your eligibility for this type of insurance, how likely you are to afford it, and what factors could impact cost over time. That could mean starting a policy sooner is more beneficial for you.

Begin saving now.

It’s best to not wait until the last minute to start setting aside money for any particular insurance policy you may need in the future. Your income may increase with raises and advancements in your career, but when the economy experiences a downturn, then what?

It’s a good idea to start setting aside money now for long-term care insurance, even if you aren’t yet close to that “sweet spot” in age to begin a policy. Also keep in mind it really isn’t too early to start one of these policies.

If you or a loved-one are considering a Long-Term Care Insurance Cost in Carlsbad CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

Steve Elliott
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