What Factors May Impact the Cost of a Long-Term Care Insurance Policy?

By Steve Elliott | November 28, 2022 | Comments Off on What Factors May Impact the Cost of a Long-Term Care Insurance Policy?

The cost of a long-term care insurance policy can vary from one person to the next for a wide range of factors. It’s much the same for any other type of insurance. Whether it’s an automobile, life, homeowner’s, or long-term care, insurance costs can fluctuate between individuals because of lifestyle choices, health factors, age, and other items that are considered “higher risk.” Getting a long-term care insurance quote would help to make a decision.

When it comes to a long-term care insurance policy, what are some of those factors that may influence the cost of the policy? Let’s look at a few right here.

Age.

Long-Term Care Insurance Quote Del Mar CA - What Factors May Impact the Cost of a Long-Term Care Insurance Policy?

Long-Term Care Insurance Quote Del Mar CA – What Factors May Impact the Cost of a Long-Term Care Insurance Policy?

Age may very well be one of the biggest factors that impact the cost of a long-term care insurance policy. The ‘sweet spot’ age to begin a long-term care insurance policy is around 55. That doesn’t mean a person can’t get a better deal or start a policy earlier than that. There are many individuals who understand the cost of long-term care and have been saving for retirement for years who begin a policy early in their 40s, sometimes in their 30s.

Why would somebody start a policy that early? Because they know anything can happen at any time. You could be driving down the highway and be involved in an accident where you didn’t do anything wrong to get sucked into that tragedy. You could be walking from your office down the hall and suffer an unexpected medical emergency, like a heart attack or stroke, something none of your doctors had picked up on.

You could be diagnosed with cancer next year and end up in a difficult, long battle that finds you requiring in-home care or a nursing home for months or even years.

The cost of long-term care can be tremendous, which is why some people want to protect their savings and investments, and other assets from having to be used to pay for it out-of-pocket.
If you wait until you’re in your late 50s or early 60s, the cost of a long-term care insurance policy could be prohibitive for you, and you could potentially be denied coverage altogether.

Family health history.

If there’s a family history of serious health issues, like Alzheimer’s, heart disease, cancer, etc., your policy may cost more because of that. While you may not develop any of these conditions yourself, there might be genetic markers that make you predisposed to them compared to other people.

Personal health history.

You may have dealt with medical emergencies already in your life and that could possibly impact the cost of a long-term care insurance policy. Some people try to hide this knowledge from insurance providers but remember that when you sign a policy contract, you are stating you’re telling the truth, so if something comes up later that you did not disclose, it could make the policy contract null and void. That makes you legally and financially liable for all long-term care expenses, even if the policy began covering it at first.

Personal habits can affect your long-term care insurance quote.

Do you smoke? Are you a heavy alcohol drinker? Are you a risk taker? These could be factors that influence a long-term care insurance policy cost, too.

If you or a loved one are considering a Long-Term Care Insurance Quote in Del Mar 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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