Now Is the Time to Get a Long-Term Care Insurance Quote

By Steve Elliott | September 7, 2021 | Comments Off on Now Is the Time to Get a Long-Term Care Insurance Quote

If you’re just learning about long-term care insurance, you might have a number of questions. That’s good! Questions are great. Questions help us learn. They can give us direction. Long-term care insurance is an extremely important topic to discuss as you get older, with your spouse, adult children who may have a vested interest in supporting you in the future, or even with your financial advisor for a long-term care insurance quote.

There are many reasons why you might very well be at the perfect age and time in your life to start a policy and get a long-term care insurance quote. Let’s discuss three reasons right now.

Reason #1: You’re almost 55.

Long-Term Care Insurance Quote Carmel Valley CA - Now May Be the Time to Get a Long-Term Care Insurance Quote

Long-Term Care Insurance Quote Carmel Valley CA – Now May Be the Time to Get a Long-Term Care Insurance Quote

Fifty-five years of age is considered the ‘sweet spot’ for long-term care insurance. Yes, you can start a policy in your 40’s or even your 30’s, if you want, but as far as potential need and policy cost is concerned, if you are close to 55 years of age, this is the time to consider it.

If you wait until you are 60 or even 62 or 65, you could be denied a policy based on your family history, current health issues, and a number of other factors. Or, even if you are approved for a long-term care insurance policy, which could pay for senior home care services, the policy may be cost prohibitive at that stage in your life.

If you are 50 to 55 or even a couple years older than 55, now is absolutely the time to sit down and talk with an experienced insurance agent or broker to discuss a long-term care insurance quote and features.

Reason #2: You have assets and retirement savings.

Far too many people incorrectly assume that Medicaid is going to cover nursing home and other types of long-term care once they reach retirement age, which is currently 67.

In truth, Medicaid is only going to cover those costs after you have used all of your available assets and savings first. That often includes the equity in your home if you own one.

Imagine reaching retirement age and suddenly needing to spend a year or more in a nursing home (or your spouse suffers a major medical emergency and has to be in long-term care for many, many months), only then realizing you have to pay for this out-of-pocket until you have depleted (essentially) most, if not all, of your savings and assets.

That can be devastating. If you have assets and retirement savings or investments, the best way to protect them is through long-term care insurance.

Reason #3: You have a dependent (or more) relying on you.

Most of the time this would be your spouse. But, you may have a disabled adult child or even young children who will still be under 18 by the time you reach 70 years of age. If that’s the case, long-term care insurance can help shield them and even provide some financial support for long-term care if they need it, too.

These are just three simple reasons why a long-term care insurance quote is so important and why 55 is considered the ‘optimal age’ to begin a policy.

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.

Steve Elliott
Latest posts by Steve Elliott (see all)
Posted in Long-Term Care Insurance Quote and tagged ,