How Long Will a Long-Term Care Insurance Benefit Pay Out For?
Shopping around for long-term care insurance is going to put you in the middle of a lot of information. You may even find agents and brokers who are pressuring you into purchasing a policy you don’t fully understand or that may not make sense for you now or in the future.
Long Term-Care Insurance Quote Del Mar CA – How Long Will a Long-Term Care Insurance Benefit Pay Out For?
It’s a great option to consider.
When you’re in your 50’s or 60’s, long-term care insurance should be something to consider. After all, as more people reach retirement age now and the population of seniors will increase through 2050, at least, it means there’s going to be increased demand for health care services and home care support.
There are plenty of long-term care options available, including assisted living and nursing home care, but the cost of these services continues to skyrocket each and every year. As more demand is placed on the industry, the price may also increase even more.
So, when you are shopping around for a long-term care insurance policy, one question you need to keep in mind is how long the benefit will pay out for. In other words, you might be able to choose a policy that pays out for three years of long-term care coverage, five years, or even lifetime benefits.
Lifetime benefits may be cost prohibitive.
A person who needs long-term care for 10, 20, or even more years won’t be able to predict that. In most cases, an individual in their 70’s, 80’s, or 90’s who needs long-term care is not going to be relying on it for that long. Still, even if that is the case, the cost of this type of insurance policy may simply be too much for that individual to handle at the moment.
It’s important to look at savings versus a lifetime policy. If a person has a good savings investment or a great retirement portfolio, that could cover long-term costs after an insurance policy runs out. If so, that may be a better option.
Financially speaking, the most lucrative long-term care insurance policy to consider is one that offers a five year benefit with a six-month waiting period up front. Anyone looking into long-term care insurance should sit down with a qualified and experienced broker, ask questions, get a quote and contemplate which policy would be optimal for them, their family, and their financial situation.
Everyone’s financial situation differs and trying to take a one-size-fits-all approach is not just doing a disservice to the individual, it can also cost them too much over time.
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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