Is It Too Late to Start a Long-Term Care Insurance Policy?

By Steve Elliott | September 3, 2024 | Comments Off on Is It Too Late to Start a Long-Term Care Insurance Policy?

You’re a normal human being. You care about your mother. She’s “getting up there” in age. Maybe you’ve even started assisting her with various things around the house, getting groceries for her occasionally, or taking her to a doctor’s appointment or two. You may not have thought about long-term care yet, but it’s well past your time. But, is it too late for your elderly mother or even your mother who might still be in her early 60s to start a long-term care insurance policy? Would the long-term care insurance premiums be too high at this age?

Long-Term Care Insurance Premiums Carlsbad CA - Is It Too Late to Start a Long-Term Care Insurance Policy?

Long-Term Care Insurance Premiums Carlsbad CA – Is It Too Late to Start a Long-Term Care Insurance Policy?

Not always.

Let us rephrase that; it will never be too late to look into something important, like long-term care insurance. However, the older a person is, the more serious health issues they already face, or the greater their family history or personal history of health issues are, the less likely they will qualify for a long-term care insurance policy.

What is the sweet spot age for starting a long-term care insurance policy?

Most experts agree it’s around 55. That doesn’t mean a person should wait until he or she is 55 to start a long-term care insurance policy. As mentioned, many factors can affect eligibility and long-term care insurance premiums, and age is only one.

Some people start a long-term care insurance policy when they’re in their 40s. Some wait until they are 60 or older. Those who wait, assuming they get approved for the policy, will generally pay considerably more for the policy itself than somebody who started at when they were in their 40s.

How will you know if your mother is too old to qualify?

For the most part, age is not the issue. It’s the risk factors associated with her at that age. Insurance companies will take into account a person’s family history of health issues, such as her mother or father having dealt with cancer, Alzheimer’s, heart failure, lung disease, and so on, as well as the individual’s personal history.

Your mother might be in her early 60s. She may be still eligible for a long-term care insurance policy. The best way to find out is to contact an experienced and licensed broker or agent and go over the details together.

What if she qualifies, but the policy is more than she expected?

Is it still worth carrying a long-term care insurance policy? Absolutely. How do we know? Because of the rising cost of long-term care.

Did you know in some states it could cost you, out-of-pocket, or than $300,000 each year if your mother needed long-term care? That is certainly extreme, but if you look at national averages over the past 10 or 20 years, you will see a trend upward.

With a good long-term care insurance policy, though, your mother can help protect her assets, retirement savings, investments, and even the equity she might have in a home should she require long-term care in the future.

The only way either of you will know if this is the avenue to pursue is to contact an agent or broker, somebody who is licensed and experienced with long-term care insurance, and sit down to go over all of the details of the policy and the long-term care insurance premiums. You may be surprised and pleasantly so at that.

If you or a loved one are considering Long-Term Care Insurance Premiums in Carlsbad 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
Latest posts by Steve Elliott (see all)
Posted in Long-Term Care Insurance Premiums and tagged ,