3 Questions You MUST Ask When Considering Long-Term Care Insurance
Looking into long-term care insurance is a great idea. It’s a good idea for people of all socioeconomic status, no matter how much savings they may have built up, or what kind of retirement portfolio they developed. Long-term care insurance is something to protect individuals and families against the prospect of having to pay for long-term care out of their own pocket.
Long-Term Care Insurance Quote Del Mar CA – 3 Questions You MUST Ask When Considering Long-Term Care Insurance
For those who understand the cost of long-term care, they realize how significant it can be. Currently, the average cost of nursing home care in the United States is $85,000 per year. For most people, that’s three years that could completely wipe them out financially. In fact, it can cripple most Americans in far less time than that.
When you begin looking for long-term care insurance, make sure to ask questions. Here are three questions you should absolutely consider asking before making any decision.
Question #1: Will I need long-term care?
7 out of 10 people over the age of 65 will need some type of long-term care. This is support and assistance that goes beyond just a few weeks or a couple of months. These percentages stipulate that long-term care insurance is not really a luxury, but a necessity for those who want to protect their finances and their family.
Question #2: What are your financial assets going to be when you reach 65?
If you don’t have much savings, don’t own a house, and have minimal income, you will most likely be dependent on Social Security and/or Medicare or Medicaid for some of your support. Medicare will cover long-term care, but only for those considered indigent and who have no assets or savings that can be converted quickly into cash, but you won’t have a choice in the type of care, in many cases.
Long-term care insurance may not be the best option for these individuals, though it will offer better options for long-term care if and when that time arises.
Question #3: When is the best time to buy?
If you’re in your 40’s, you may be able to pick up a policy for $100 per month, but if you wait until you’re in your 60’s, the premiums could be $250 per month or more, and the chances you’re denied coverage increase. The sweet spot seems to be somewhere in the early to mid 50’s. The earlier you get a quote, though, the better it is for you and your family.
Remember, accidents and medical emergencies can happen at any time. If they do and leave you unable to take care of yourself for an extended length of time, you will be grateful to have long-term care insurance.
If you or a loved-one are considering Long-Term Care Insurance Quote in Del Mar 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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