How to Budget for Long-Term Care Insurance

By Steve Elliott | March 6, 2023 | Comments Off on How to Budget for Long-Term Care Insurance

Long-term care insurance might just save your retirement if you plan properly. The ‘sweet spot’ to begin a long-term care insurance policy is around 55, but the sooner you start a policy, the better it’s going to be for you. Not only will the policy more likely be affordable or at a lower rate if you start in your late 40s or early 50s, for example, but after the age of 50, the risk of serious health issues and other emergencies can increase. Getting a long-term care insurance quote would be the first thing to do.

Long-Term Care Insurance Quote Rancho Penasquitos CA - How to Budget for Long-Term Care Insurance

Long-Term Care Insurance Quote Rancho Penasquitos CA – How to Budget for Long-Term Care Insurance

You might assume that since nobody in your family ever needed long-term care, never had a heart issue, cancer, or a stroke, or was ever diagnosed with Alzheimer’s or any other type of dementia you are free and clear and have nothing to worry about.

That may very well be true, but as we live longer, as the food we consume is modified or processed more, our bodies are getting sicker as a collective society. Also, you can’t anticipate what might happen tomorrow, much less 10 or 15 years from now.

But what if you don’t earn a lot of money?

You might own your house, still have five or 10 years to pay off your mortgage, and put some money toward a 401(k), but beyond that maybe a couple of thousand dollars in your savings account. You don’t have a lot of disposable income and you’ve been diligent to pour as much as you could through the years into your retirement investments and savings.

Is it really logical or feasible to then pay for long-term care insurance that might cost you $50 a month, $100 a month, or $25 a month?

The longer you wait to begin a long-term care insurance policy, the more expensive it will likely be. So, you might be 51 and think you’ve got time. Sure, technically speaking, you do. Yet, if you are diagnosed with some serious health issue, discover there is a family history of major medical issues you never knew about, or are involved in an accident on your way to work, you might not be able to get a long-term care insurance policy.

Or, if you wait until you are in your 60s to start, you could find the policy quickly reaching the point where it is no longer affordable for you.

So, how do you budget for long-term care insurance?

If you’re in your 40s or early 50s, meet with a licensed agent or broker who is also experienced with long-term care insurance. Sit down to figure out how much a policy would cost you, going through a variety of different options. Gettin a long-term care insurance Quote could be a determining factor.

Then, once you know the monthly premium, look at your current expenses. You might discover there are a couple of streaming services like Netflix or Disney+ (that you keep for the grandkids when they visit) or something else you’re paying for that you barely use. Take a look at the movies you’ll find on Netflix or Amazon prime; aren’t they often the same? Overlapping?

That’s just an example, but it highlights that when we don’t know exactly how much we are paying for certain services every month, and we begin looking at them more closely, most of us can usually find the room to afford long-term care insurance without adding extra strain to our budget.

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 at (858) 350-3161.

Steve Elliott
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