Reasons to Start a Long-Term Care Insurance Policy Before 60

By Steve Elliott | January 24, 2024 | Comments Off on Reasons to Start a Long-Term Care Insurance Policy Before 60

During the past 15 years, the denial rates for long-term care insurance policy applications submitted to long-term care insurance companies have skyrocketed among almost all age groups, but especially among those fast approaching their “retirement” years. Many people assume that they have until they’re 60 or 65 to begin looking into a long-term care insurance policy, so they wait.

Long-Term Care Insurance Companies San Marcos CA - Reasons to Start a Long-Term Care Insurance Policy Before 60

Long-Term Care Insurance Companies San Marcos CA – Reasons to Start a Long-Term Care Insurance Policy Before 60

Even among Americans who have heard that 55 to 60 is the “sweet spot” to begin a long-term care insurance policy, they may find that they’re denied coverage when they finally get around to trying to start a policy. This is just one of several reasons why you should not wait until you’re 60 or even 65 to begin at least looking into a long-term care insurance policy.

Just look at a few in more detail.

Reason #1: Denial of coverage.

As mentioned, more people today are being denied coverage for long-term care insurance than they were just a decade and a half ago. This isn’t because long-term care insurance companies are nefarious, evil, and looking to watch elderly men and women suffer, trying to cover long-term care expenses on their own, but because of the way the financial world has shifted.

The profit margins for many long-term care insurance companies have slimmed tremendously, and with interest rates the way they are, they are getting squeezed. That means denying coverage to higher, at-risk individuals who may, ultimately, cost them more money in the long run.

For example, in 2010, 14 percent of applicants between the ages of 50 and 59 were denied coverage for long-term care insurance. In 2022, that percentage jumped to 38. For those between 60 and 69, the denial rate in 2010 was 23 percent In 2022, it was 51 percent As you can see, the increases are significant, and are only expected to rise.

Reason #2: Tomorrow is an unknown.

Just turn on the news and see how many unexpected medical emergencies or deaths are being reported among celebrities, athletes, political leaders, and others and you begin to realize that tomorrow is never guaranteed for anyone.

You could wake up in the morning feeling great and end your day at the hospital, facing a long and difficult road to recovery. It could be the result of an unexpected medical crisis like a heart attack or stroke, or it could be somebody else’s carelessness that causes an accident.

If you wait on long-term care insurance, you could be footing the bill for long-term care expenses on your own.

Reason #3: You love your family.

Of course, you do. We all do. And that’s why you have been working so hard throughout much of your life: to provide the best opportunities for them. Whether it’s just you and your spouse, partner, best friend, or maybe you’re still raising children, you want to protect them.

When you realize just how expensive long-term care is becoming, and how much it can financially devastate you to have to cover these expenses on your own, you begin to understand the true value of a good long-term care insurance policy for today.

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