When Will You Need Long-Term Care Insurance?

By Steve Elliott | February 19, 2024 | Comments Off on When Will You Need Long-Term Care Insurance?

If you are in your late 20s, 30s, or early 40s, you may have never considered long-term care insurance. And, unless there is some serious risk factor in your past, your family history, or your health issues, you probably don’t need to even think about it until you are approaching 50. For somebody in their late 40s or early 50s, though, the topic of long-term care insurance should come up sooner rather than later. And it would be a good time to inquire about long-term care insurance cost.

Many industry experts consider 55 to be the “sweet spot” for beginning a long-term care insurance policy. However, there are a variety of factors that can affect that. In other words, it may be best for you and your spouse or other dependents to consider a long-term care insurance policy a little bit before that, such as your late 40s or early 50s, at least.

How do you know when it’s time?

Long-Term Care Insurance Cost Encinitas CA - When Will You Need Long-Term Care Insurance?

Long-Term Care Insurance Cost Encinitas CA – When Will You Need Long-Term Care Insurance?

An important factor many people tend to overlook is their family history of health issues. Too many American adults have no idea about their grandparents and the health issues they may have faced, and possibly even their parents. Do you know if your mother or father (your biological parents, specifically) had any serious health issues in their 50s or 60s?

If you don’t, then it’s time you found out. If they are no longer around to ask, you may have to research it a different way. Connect with an aunt or uncle or somebody else in the family who may know of a family issue regarding health that may impact you in the future.

Why is this important?

Eligibility and risk factors can determine the cost of a long-term care insurance policy. The longer you wait to start a policy, the more family history of risk factors may come into play, so if you are unaware, you could be waiting too long to begin a policy.

Let us clarify a little bit for you. If there’s a family history of Alzheimer’s disease, for example, that could significantly impact your ability to secure a long-term care insurance policy, especially if you wait until you’re approaching 60. Maybe your paternal grandfather had been diagnosed with dementia or even Alzheimer’s when he was 55 or 60. How might that impact you and your risk factors?

Any time there is an increased risk factor for serious health issues or complications in your family’s past, it could affect you. Then, if you wait too long to look into long-term care insurance, you either might not be eligible for any coverage, or the policy could be more expensive the longer you wait.

The bottom line.

The bottom line is this: avoid the temptation to procrastinate on looking into a long-term care insurance policy. Find out about your family history if you don’t know it. Even if you think you know enough about your family history of health issues, find out if there’s something you’re missing.

If you look into a long-term care insurance policy when you’re 45, 48, or 50, that doesn’t mean you have to start one. But, it will give you a pretty fair estimate of what you could expect to pay in the coming years, you may realize having that coverage now and that long-term care insurance cost may be more than affordable and worth having as you move into and through your 50s and 60s.

If you or a loved one are considering Long-Term Care Insurance Cost in Encinitas CA, please get in touch with 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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