Is It REALLY Important to Consider Long-Term Care Insurance? After All, YOU’RE Never Going to Need It, Right?

By Steve Elliott | August 20, 2018 | Comments Off on Is It REALLY Important to Consider Long-Term Care Insurance? After All, YOU’RE Never Going to Need It, Right?

What are the odds you’re actually going to need some type of long-term care in your life? Most people would probably say slim to none. That is, most younger, healthier, stronger adults (as compared to an aging individual already well into their 70’s or 80’s). However, the stark reality is that the vast majority of people will need some level of extended care at some point in their life, especially as they get older.

There could be a number of reasons to require the services of a nursing home, home care providers, assisted living, or even hospice, and while we don’t want to think about these things, they are a reality.

Long-Term Care Insurance Quote Encinitas CA - Is It REALLY Important to Consider Long-Term Care Insurance? After All, YOU’RE Never Going to Need It, Right?

Long-Term Care Insurance Quote Encinitas CA – Is It REALLY Important to Consider Long-Term Care Insurance? After All, YOU’RE Never Going to Need It, Right?

That’s why long-term care insurance is so important.

No one wants to throw good money away. Unfortunately, when people begin looking into a quote for a long-term care insurance policy, they might see the $100 per month, $125, $200, less or more, depending on the individual, their age, health factors, and other criteria as being nothing more than a ‘waste of financial resources.’

We need to be realistic.

The older we get, the greater the risk of heart attack, stroke, diabetes, broken bones, dementia, and other serious medical emergencies. Some of these could require weeks, months, or years of recovery. In some cases, people will never fully recover and therefore might require long-term care indefinitely.

The cost of long-term care continues to increase.

Currently, the average cost of nursing home care in the United States is between $75,000 and $85,000, depending on where you live. The average cost of home care (somewhere less than 40 hours a week) is around $45,000 per year. Assisted living is around $75,000 per year.

With inflation, increased demand for these services, and a number of other factors, the cost is expected to continue rising, often outpacing inflation by vast stretches.

Okay, so long-term care insurance is a good buy, but when?

This is the ‘million dollar question.’ Some financial advisors, insurance agents, and others will simply say, “The sooner, the better,” but is that a genuine answer? Yes, and no.

A person in their 20’s or 30’s is not nearly as likely to rely on or require long-term care as somebody in their 60’s, 70’s, or 80’s. However, a person in their late 40’s, 50’s, or 60’s will be approaching a greater risk of requiring long-term care and therefore the cost of the policy will increase.

So, some time in your 50’s is a good time to get a quote and buy, but earlier will usually mean a lower premium, and if you wait until you’re in your 60’s, you could be denied due to health issues or other risk factors.

If you or a loved-one are considering a Long-Term Care Insurance Quote in Encinitas 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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