3 Tips to Help Pay Long-Term Care Insurance Premiums On a Limited Income
Long-Term Care Insurance Premiums Encinitas CA
Long-term care insurance is an incredibly important topic in today’s economy and environment. As the Baby Boomer generation is now retiring, and will continue to reach retirement age for the next 10 to 15 years, there is a greater likelihood of more demand for in-home care services.
For some of these seniors and other adults, long-term care may be necessary. The cost of long-term care, though, can be astronomical. Short-term care is one thing, especially following major surgery, and illness, or injuries sustained in an accident, but when you have to consider relying on home care aides around-the-clock for years and years into the future, or some other senior care provisions, the cost can be staggering.
Long-term care insurance, then, becomes an integral part of any future planning. Paying premiums for it can be difficult for some people, especially when they’re struggling to make ends meet as it is.
Here are a few tips that might just help the average individual pay the premiums for this important type of insurance, whether it’s for themselves or another family member.
Tip #1: Look for unnecessary spending now.
How big is that flatscreen TV in the living? Many people keep chasing bigger and bigger things, including digital cameras, flatscreen TVs, Blu-ray players, drones, hoverboards, and the list can go on and on.
Most of that is unnecessary, at least when you get down and think about it honestly. They are fleeting and don’t offer any real value for long. Sure, it’s great to watch the football games on a 70 inch high definition TV, but are you really willing to trade quality of life in those Golden Years for something temporary now? That’s entirely up to each individual, so consider how much is spent on unnecessary things.
Tip #2: Start a policy earlier.
The earlier you begin a policy for yourself or another family member, the cheaper it might be. Yes, you will likely spend more money on the policy over the years, but what happens if long-term care is needed in just a few years? Starting that policy earlier could save tens of thousands or even hundreds of thousands of dollars in the future.
Tip #3: Consider the actual cost of care if needed someday.
The best way to actually wrap your mind around the situation is to contact home care agencies, assisted living communities, nursing homes, and other senior care facilities to find out the cost of full-time care.
You might be stunned. When you begin to realize just how much it could cost, you’ll probably start that policy immediately.
If you or a loved-one are considering a Long-Term Care Insurance Premiums in Encinitas CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
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