What’s the ‘Perfect’ Age to Begin Long-Term Care Insurance Premiums?

By Steve Elliott | August 3, 2021 | Comments Off on What’s the ‘Perfect’ Age to Begin Long-Term Care Insurance Premiums?

Having long-term care insurance is a great idea for older Americans. While you might be in your early to mid 40’s and considering beginning a long-term care insurance policy, is now the time for it? Will long-term care insurance premiums be lower at the early age?

Long-Term Care Insurance Premiums Oceanside CA - What’s the ‘Perfect’ Age to Begin Long-Term Care Insurance?

Long-Term Care Insurance Premiums Oceanside CA – What’s the ‘Perfect’ Age to Begin Long-Term Care Insurance Premiums?

It might very well be. In fact, some people begin long-term care insurance policies in their 30’s because they recognize that accidents can happen at any time. Also, people in their 20’s, 30’s, and 40’s are also at risk of suffering from aneurysms, strokes, heart attacks, and other medical emergencies besides accidents.

If you don’t know the cost of long-term care, you may be surprised to hear some of the numbers. If you are talking about 24 hour home care, the cost could be well over $100,000 annually, depending on where you live and the type of in-home care you would need.

Other types of care could cost people $300,000 or more, such as if they live in Alaska. So, it is wise to begin thinking about some type of long-term care insurance policy, but if you are on the fence about it right now, are not certain if this is the “right” time, if you are the right age, and so on, let’s talk about the “sweet spot” of long-term care insurance.

That would be around the age of 55.

That doesn’t mean you have to wait until you’re 55, though. Family history and health issues could make it difficult to obtain a good long-term care insurance policy, or they could raise the rates the older you are.

If you are thinking that you will wait another five or 10 years until you’re 55 to look into long-term care insurance, that could very well be a mistake.

For example, there might be one or two people in your family who had been diagnosed with Alzheimer’s disease. That means you are at an elevated risk of developing this form of dementia, too.

What would happen if you were diagnosed with Alzheimer’s when you were 65? Who is going to take care of you? Who would support you in the years ahead?

You may assume your spouse is going to do it, but what if she or he is not able? What if they begin supporting you, but come to realize it is a 24 hour job and they’re completely getting worn out? What if caring for you in the later stages of Alzheimer’s is increasing their risk of serious health problems?

Would you want them to be able to hire 24 hour home care instead? If so, would you be able to afford it?

Now, let’s get back to the main point here and consider long-term care insurance premiums.

If you wait until you’re 55 and have a family history of Alzheimer’s, you may realize that if you started the policy at 50 the monthly premiums would have been far more affordable than if you had waited.

That’s why it is so important to talk to a qualified agent or broker to discuss your options for a long-term care insurance policy sooner rather than later.

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.

Steve Elliott
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