Put Long-Term Care Insurance on Your to-do List

By Steve Elliott | January 2, 2023 | Comments Off on Put Long-Term Care Insurance on Your to-do List

Another new year is here. That means you might very well be making resolutions. A lot of people do. Unfortunately, most people let their New Year’s resolutions fall by the wayside within a matter of weeks, if not a few days. That doesn’t have to happen for you, though, not when it comes to your finances, long-term care needs, or long-term care insurance coverage.

What if you don’t have long-term care needs?

Long-Term Care Insurance Rancho Penasquitos CA - Put Long-Term Care Insurance on Your to-do List

Long-Term Care Insurance Rancho Penasquitos CA – Put Long-Term Care Insurance on Your to-do List

Most people in their 30s, 40s, or 50s never think about long-term care. They might be if an aging parent is in a nursing home, or assisted living facility, or requires in-home care on a regular basis. Yet, for themselves, they don’t think much about it.

It’s a distant possibility. Nothing concrete. After all, not every person in their 40s or 50s will require long-term care, even if they live into their 70s, 80s, or 90s.

However, the cost of long-term care is continually skyrocketing. Supply and demand factors are coupled with inflationary pressures and making long-term care costs seem almost out of reach for many people.

Can you imagine spending half or more of everything you saved and invested throughout your career on long-term care expenses? You probably can’t or don’t want to. Much like most other Americans.

However, unfortunately, that could very well be the case if you’re not careful. That’s why long-term care insurance is such an important topic to think about as early as you can.

Make this year the year you look into long-term care insurance.

This doesn’t mean you have to start a long-term care insurance policy right away. You might be 48 or 50, have no family history of serious health issues, no personal history of health issues, and are at a relatively lower risk of needing some type of long-term care in the next 20 years.

However, if you’re in your mid-50s, that is the perfect time to begin a long-term care insurance policy. That’s because it’s most cost-effective compared to trying to start one when you’re 60 or 65. If you wait that long, you could very well be denied a policy altogether or it may be cost-prohibitive for you at that stage in the game.

What should you do first?

Reach out to a fully licensed insurance broker or agent and make an appointment. There’s a lot to go over when it comes to long-term care insurance. There are possibilities to use certain types of life insurance policies that may be able to cover some of the expenses of long-term care, but there are potential pitfalls to those plans.

You may also bundle long-term care insurance with other types of insurance you have, such as a different life insurance policy. That’s why you need to sit down with an agent or broker who can explain all the possibilities and different benefits one of these policies can offer you and your spouse or another dependent.

You work hard most of your life to build retirement savings. Don’t put it at risk in the event you, your spouse, or some other dependent requires long-term care after you retire.

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