Can You Afford Not to Have Long-Term Care Insurance?

By Steve Elliott | July 30, 2024 | Comments Off on Can You Afford Not to Have Long-Term Care Insurance?

Even though the government tells us the economy is in great shape, a lot of people are feeling the pressure of high inflation for several years. That’s making it difficult for some people as they move through their 50s and approach 60 to even consider long-term care insurance.

Do you need long-term care insurance?

Long-Term Care Insurance San Marcos CA - Can You Afford Not to Have Long-Term Care Insurance?

Long-Term Care Insurance San Marcos CA – Can You Afford Not to Have Long-Term Care Insurance?

That’s not the question you should be asking. You may not need long-term care right now. You and your spouse may be in perfect health. You both might work out regularly, pay attention to your diet, go to regular doctors’ appointments and checkups, and have nothing wrong.

There may not be any history of health problems in your family. That is wonderful. However, anything can happen at any time. Some of the healthiest people in the world have suddenly found themselves gasping for breath, feeling tightness in their chest and pressure in their arms as they have a heart attack. Others suffer an embolism that causes a stroke.

You can’t predict the future, not even tomorrow, so if you have assets, if you don’t want your spouse or partner to struggle to pay the bills after years of shelling out your hard-earned money to cover long-term care expenses for months or even years, then you should consider long-term care insurance.

How can you afford it now?

Depending on the type of coverage, your health history, and several other factors, you might find a quote you received for long-term care insurance to be out of reach, at least right now. In reality, though, it is not likely going to get lower.

So, there are a few things you might consider doing or looking into that may help in the short term.

Shop around.

There are plenty of insurance companies offering long-term care insurance. Don’t simply assume that one quote is all you’re going to get. Numerous factors can go into bringing a quote down in price and you won’t know unless you ask.

Consider bundling.

Bundling is where you choose your homeowner’s insurance company and may be able to qualify for a discounted rate on other types of insurance.

Look at your current monthly expenses.

Believe it or not, the average American family today is spending hundreds of dollars on recurrent subscriptions they rarely use, if at all. Look at everything you’re spending money on, including your cell phone, Internet, streaming services, cable, movie rentals, eating out, and so much more.

You may discover that you have $400 or $500 that can be trimmed from your monthly expenses right off the bat. That may be more than ample to cover long-term care insurance costs (with plenty extra to invest or save).

The bottom line is this: you may not think long-term care insurance is feasible for you, but if you’re in your early to mid-50s, this is the optimal time to start. If you are in your mid-to-late 50s or early 60s, it’s well past time to at least look into this type of coverage, which could protect you and your partner or spouse financially in the future.

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

Steve Elliott
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