Considering Long-Term Care Insurance but Worried About the Economy?
The economy is advertised as rolling right along, doing very well. But, is that reality? With hyperinflation, rising gas prices, and other turmoil, many people are finding that they are spending thousands of dollars more this year for essentials, like food and gas. If you’re considering long-term care insurance, it’s a great idea. It doesn’t matter how old you are, but the older you happen to be when you begin looking into this type of insurance policy, the greater the risk of being denied a policy or having it be cost-prohibitive, so getting a long-term care insurance quote would be useful now.
In other words, if you are in your mid-to-late 60s, you may find it extremely difficult, if not impossible to obtain a policy that is cost effective.
There are plenty of reasons why choosing a long-term care insurance policy now is the right course of action. First and foremost, don’t underestimate the power of basic economics, which refers to supply and demand. As the baby boomer generation retires, the demand for senior care support will increase. With that increase is going to be flat or even diminished services available simply because it is difficult for home care agencies, assisted living communities, nursing homes, and others to attract and retain quality caregiving staff.
When the cost increases based on those factors and inflation, it’s going to take more out of your savings, investments, and other assets to pay for long-term care in the event you, your spouse, or another adult dependent requires it sometime in the future.
Now, what are three key reasons you should do this now?
You are in your late 40s to mid 50s.
The “sweet” spot for beginning a long-term care insurance policy is around 55 years of age. However, the sooner you start a policy, the more affordable it will be, and you might be able to lock in that rate for many years.
After 55, your family history and other risks of serious ailments, health issues, medical emergencies, and more begin increasing. As a result, the policies may become more cost prohibitive or even impossible to obtain, depending on your medical history and family history.
There’s a family history of health issues that might lead to long-term care.
Let’s say your grandfather and your father both had serious heart issues beginning in their late 50s or 60s. That means there is an increased risk you might be facing the same challenges before too long.
Or maybe your grandmother or great grandma had been dealing with some type of dementia and now your grandmother or your mother is exhibiting memory related challenges. If that’s the case, there may be an increased risk you will, too.
You have assets, savings, and investments to protect.
Don’t expect your health insurance to cover long-term care expenses. Most do not. And don’t expect Medicaid to cover it, either. Medicaid mostly covers nursing homes, and only after a qualifying senior has used up the bulk of their assets, savings, and even the equity in their home.
For these reasons, now is the perfect time to consider that long-term care insurance quote for a policy.
If you or a loved one are considering a Long-Term Care Insurance Quote 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.
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