How ‘Important’ Is Long-Term Care Insurance Quote for Your Family?

By Steve Elliott | August 16, 2021 | Comments Off on How ‘Important’ Is Long-Term Care Insurance Quote for Your Family?

You may not think long-term care insurance is all that important when you’re in your 20’s, 30’s, 40’s, or even your 50’s. In truth, the older you are, the more important it becomes. In your 40’s or 50’s, you may not be thinking much about home care or other support options, mostly because you don’t really need it yet. Getting a long-term care insurance quote at different ages will show the differences.

Long-Term Care Insurance Quote Rancho Penasquitos CA - How ‘Important’ Is Long-Term Care Insurance for Your Family?

Long-Term Care Insurance Quote Rancho Penasquitos CA – How ‘Important’ Is Long-Term Care Insurance for Your Family?

However, as time marches on and your physical strength declines, chronic health issues increase, risk factors become more elevated, and so on, the need for some type of long-term care will likely increase.

Most people don’t want to look into long-term care insurance or even consider it as an option in their younger years because they only see it as a waste of money. That’s often the same mentality that causes somebody to skip automobile insurance when they own a car, even though it might be required by law.

If a person can get away without having automobile insurance (meaning they don’t get involved in an accident and are never pulled over and ticketed), they might do it. Even though it is required by law in most states.

The people who tend to do this are those who are most often struggling financially. They may not have the financial resources to afford to carry this type of insurance. And, when it comes to long-term care insurance, a person may not look into it because they see it as an expense rather than potential protection for their future.

If a person is struggling financially right now, they are less likely to worry about their financial future. If they can’t navigate the waters of these difficult times right now, then what difference is it going to make if they try to insure against what may happen in the future (at least, that’s the common reason).

How much long-term care cost you in the future 

Assuming you have a regular income, some savings at least, and are diligent enough to invest in a 401(k), stock options, mutual funds, or other benefits for the future, you probably have enough to begin and carry a long-term care insurance policy.

Your age, family history of health issues, past and current health issues you may be experiencing now, personal habits, and so forth may affect the cost of a long-term care insurance policy so it’s not realistic to put an estimate on what that might cost.

However, we can estimate what long-term care could cost you in the future. Let’s say you look to home care. A full-time home care aide may cost anywhere between $45,000 and $55,000 a year, depending on where you live.

That may not seem like a huge burden for some people, but after two or three years, you are essentially talking about the cost of a house in home care expenses.

If you live in Alaska and need to spend a significant amount of time in a nursing home, you’re looking at $300,000 … or more.

So, how important is it to consider long-term care insurance now for you and your family in the future? Hopefully you get the point by now. Getting a long-term care insurance quote can help you with your decision.

If you or a loved-one are considering 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.

Steve Elliott
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