Ways to Get Long-Term Care Insurance Within Budget

By Steve Elliott | January 17, 2024 | Comments Off on Ways to Get Long-Term Care Insurance Within Budget

Whether you have a fair amount of disposable income, are just squeaking by each month, or are somewhere in between, you can still afford long-term care insurance cost. If you’re in your mid-50s, this is the optimal time to begin a long-term care insurance policy. Even if you are in your mid to late 40s or early 50s, it’s a good idea to consider this, especially if you’re saving and investing for your retirement years or want to retire at the tail end of your 50s or early 60s.

Long-Term Care Insurance Cost Rancho Penasquitos CA - Ways to Get Long-Term Care Insurance Within Budget

Long-Term Care Insurance Cost Rancho Penasquitos CA – Ways to Get Long-Term Care Insurance Within Budget

Long-term care insurance helps to cover long-term care expenses in the event you, your spouse, or other legal dependents require it at some point in the future. Too many people overestimate their primary health insurance coverage, expect Medicaid to cover long-term care expenses, or don’t think they will ever need it.

In reality, once you hit 70, there is a 50 percent chance you or your spouse will require long-term care in the future, whether that equals a few months, a year, several years, or even ongoing.

If you have to cover that out-of-pocket, it could force you, your spouse, or both of you back to work during the time in your life you should be enjoying retirement.

The best way to get yourself long-term care insurance now is as follows:

1. Contact an experienced agent or broker first.

It’s tempting to go online, do some research, find an online form, fill it out, and get insurance for just about anything you need without ever speaking to somebody directly. That’s not the right idea when it comes to long-term care insurance.

There are many different aspects you need to go over carefully. For example, would you want three years of long-term care coverage? What about the waiting period before the policy begins to pay out? Speak to a broker or agent and go over all of the details of what you and your spouse or other dependent would want out of long-term care insurance.

2. Determine your family’s needs now and into the future.

Once you start a long-term care insurance policy, it will cover long-term care expenses in the event you or your legal dependent require it in the future. How long into the future? It could be years or a matter of months.

Nobody knows exactly what could happen. You could have an unexpected health crisis. You might be involved in a car accident. Something may happen that requires you to have long-term care. What would your needs be now and in the future? Determine that and go over these details with your licensed and experienced agent or broker to choose the policy that’s going to be best for you and your family.

3. Once you have a quote in hand, calculate it within your budget.

Depending on your financial situation, it may mean cutting back on a few minor expenses each month. Most people don’t have any idea just how much they spend each month these days on fast food, junk food, coffee at Starbucks or Dunkin’ Donuts or wherever, movies, video games, and much more. People who estimate they spend $50 probably spend more than $200 a month, sometimes as much as $500. That can certainly get you started with a long-term care insurance policy in days.

If you or a loved one are considering a Long-Term Care Insurance Cost in Rancho Penasquitos 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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