Questions to Ask if Now is the Time for Long-Term Care Insurance

By Steve Elliott | May 23, 2023 | Comments Off on Questions to Ask if Now is the Time for Long-Term Care Insurance

Is now the time to start seriously considering a long-term care insurance policy? It’s probably a question most people never ask themselves, at least until it’s almost too late. You see, long-term care insurance is not something most people are even considering while they’re in their 30s, 40s, or 50s.
Yet, there is a sweet spot to begin a long-term care insurance policy. You didn’t know that, did you? In fact, most Americans don’t. That sweet spot means if they wait much longer, the cost of the policy may very well increase. If they start too soon, the risk of serious health issues or other infirmities that would require long-term care would likely be much lower. Talking to long-term care insurance companies could help you determine what works best for you.

If you are not quite sure if now is a type of long-term care insurance, ask yourself these three questions:

1. Have you saved or invested for retirement?

Long-Term Care Insurance Companies San Diego CA - Questions to Ask if Now is the Time for Long-Term Care Insurance

Long-Term Care Insurance Companies San Diego CA – Questions to Ask if Now is the Time for Long-Term Care Insurance

If the answer is yes, then you have something to protect. How do you protect it if you turn 67 or 69 or 75 and suddenly require long-term care for months or even years? You probably assume that your health insurance is going to cover these expenses, but they won’t. Most health insurance policies do not cover long-term care.

Or maybe you assume that Medicaid is going to cover it. It won’t. The only time Medicaid begins covering long-term care costs is after a senior has exhausted all of their available assets and savings, including the equity in their home.

Then, in most states, Medicaid only covers nursing home care, not in-home care or assisted living, which might be preferable at that stage in your life. So, if you have savings and investments for retirement, protect them with a long-term care insurance policy.

2. Are you in your late 40s to mid-50s?

The ‘sweet spot’ for long-term care insurance is right around 55. If you wait until you’re close to 60 or even in your 60s, a couple of things will likely happen. First, whatever policy you might be approved for could become cost prohibitive. Second, if you have a family history or personal history of serious health issues, you might simply be denied coverage.

If you’re in your 40s, there’s probably a lower risk of something happening that would demand long-term care, but the policy would certainly be more affordable. Keep in mind that among seniors, nearly 70 percent will require some type of long-term care in the next 20 years.

If you are close to 50 or 55, it’s a good time to begin thinking about a long-term care insurance policy.

3. Are you a risk taker or gambler by nature?

If you are, then great, forgo all of the responsible and reasonable things and hope for the best. As we mentioned, though, almost ¾ of all seniors will require some type of long-term care in the future.
If you want to live long, the odds of requiring long-term care will increase. So, if you’re in your early to mid-50s, now is the optimal time to start a long-term care insurance policy.

If you or a loved one are considering Long-Term Care Insurance Companies in San Diego 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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