How Can You Know If Long-Term Care Insurance Is for You?

By Steve Elliott | September 13, 2023 | Comments Off on How Can You Know If Long-Term Care Insurance Is for You?

Most people in their 30s or 40s, even in their 50s and into their 60s don’t think about long-term care. They might have had a grandparent or parent who needed long-term care after a health emergency, accident, or major surgery, but they rarely ever think about it for themselves. That’s tragic. It’s tragic because more than half of seniors over 70 are going to need some type of long-term care in the future. This might be for a month or two, but it could be for six months, a year, or ongoing. They have not yet considered the benefit of paying long-term care insurance premiums either.

Long-Term Care Insurance Premiums Rancho Penasquitos CA - How Can You Know If Long-Term Care Insurance Is for You?

Long-Term Care Insurance Premiums Rancho Penasquitos CA – How Can You Know If Long-Term Care Insurance Is for You?

If you don’t consider that you might require long-term care in the future, you could be on the hook to pay for it out of your own pocket or retirement savings. Don’t expect your primary health insurance or Medicaid to cover those expenses, either. If you have available assets, including assets that can be converted into cash, like the equity in your home, you will have to cover those expenses, even if that means using a reverse mortgage to do so, until you reach the threshold when Medicaid covers those expenses for you.

If you’re not sure if long-term care insurance is for you, let’s look at a few key factors that might convince you to at least consider this option now.

1. There’s a family history of serious health issues.

It might be your mother or father, grandparents, or maybe even a brother or sister who had cancer, liver failure, lung disease, heart disease, or some other serious medical condition. If it isn’t due to alcohol, drugs, smoking, or other behavioral habits, but is more genetic or biological, that means you could be facing some serious health issues in the future, too.

If that’s the case, you will certainly want to consider a long-term care insurance policy sooner rather than later. If you wait too long and have a family history of serious health issues, you could find yourself denied coverage.

2. You’ve already dealt with some type of health crisis.

It might’ve been a heart attack, mild stroke, or even an injury sustained in an accident. If you have already faced a health crisis, you might very well be at an elevated risk of dealing with another one or repercussions from that first one in the future.

Are you ready to cover those expenses on your own? Would you be okay if that meant changing your retirement plans or not being able to retire at all? Of course not. That’s why long-term care insurance is so valuable for people in your situation.

3. You’ve got retirement savings and plans.

If you are one of the millions of Americans who have a 401(k), other retirement accounts and plans for things you’re going to do during those “golden years of life,” you should protect yourself now.

If you wait too long, such as into your 60s, or late 60s, or close to 70, you may very well have a difficult time securing a long-term care insurance policy. That’s why experts say that 55 is the “sweet spot” to begin a policy and if you’re in your late 40s or early 50s, it’s time to start looking. If you are in your late 50s or early 60s, it’s well past time, so get moving.

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

Steve Elliott
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