How Will You Know It’s Time to Consider Long-Term Care Insurance?
One of the most common questions many aging Americans have when they look into long-term care is when (exactly) is the optimal time to consider insurance for this. Long-term care insurance can be an invaluable policy to carry, especially as you move through your 50’s and into your 60’s.
By the time a senior is 70 or 75, it may be too late to consider a long-term care insurance policy. That’s because they may not be approved due to age, health factors, family history, and other factors.
Why people tend to wait.
There are numerous reasons why people wait to get certain types of insurance. They may not think it’s affordable at the time it would be best to have. Other individuals may not think it’s necessary at that time. For example, a couple in their late 30’s or early 40’s with children may understand the benefits of life insurance, but because of their good health, lack of family history of medical problems, and so forth, they put it off.
This is especially true when they may not have the financial resources to purchase a policy without cutting into their monthly budget. It may seem reasonable to delay a long-term care insurance policy until you’re in your 60’s, but is that a good idea?
The “Sweet Spot” for long-term care insurance.
A person in their early to mid 50’s is an ideal candidate for a long-term care insurance policy. This is considered the “sweet spot” for this type of insurance for a couple of reasons.
First, they’ll still be several years away from their 60’s and, therefore, a significant increase in health risk factors. Second, beginning a policy by your mid 50’s means it will likely be the most affordable as far as a monthly premium is concerned.
Other factors to consider.
It’s not just age that’s important in determining when to consider a long-term care insurance policy. Also, your personal health and family history of health issues can also play a significant factor.
For example, if there’s a family history of cancer, dementia (which includes Alzheimer’s), heart disease, diabetes, and other risk factors, it means you will be at an increased risk of developing one or more of these conditions.
If you wait too long and develop a serious health issue, you might not be able to find an affordable long-term care insurance policy. If you don’t think it’s important at this time, consider the cost of long-term care (which is continually rising). The average cost of nursing home care in the United States is over $80,000. In Alaska, the cost is over $300,000.
Just imagine how much of your life savings, investments, and even your assets (which include your house), could be used up quickly just to cover long-term care expenses. It’s not worth the risk when you have this option available to you in long-term care insurance.
If you or a loved-one are considering Long-Term Care Insurance Premiums in Oceanside CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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