Risks of Ignoring Long-Term Care Insurance Before 70

By Steve Elliott | March 11, 2024 | Comments Off on Risks of Ignoring Long-Term Care Insurance Before 70

Can millions of people throughout the United States, right now, think about their retirement years? They may be still in their 40s or early 50s and have another decade or maybe even two before they reach those retirement years, but they are planning on it. They’re sitting down with their spouse, best friend, partner, or others to talk about all the things they plan on doing during those wonderful retirement years. One topic that may come up several times for those individuals who are planning on it, saving for, investing in it, and hoping for it, would be long-term care and whether they should have long-term care insurance.

Long-Term Care Insurance Rancho Bernardo CA - Risks of Ignoring Long-Term Care Insurance Before 70

Long-Term Care Insurance Rancho Bernardo CA – Risks of Ignoring Long-Term Care Insurance Before 70

Maybe this individual or several people have heard about long-term care in the past because an aging parent or grandparent required it. They might’ve spent several weeks or months in a nursing home before they were discharged to return home. From there, they might have needed a lot of support and assistance at home, even for the most basic of tasks.

Depending on the situation, some of those seniors may have gotten back to independent living, taking care of themselves, being able to prepare a meal, take a shower, and get out and about once again without help. For others, their life would have been permanently altered in some form if elder care had been necessary going forward, no matter how much longer they lived.

Long-term care is a topic everyone should take seriously, especially as they age, move through their 40s and 50s, and want to retire with financial independence.

Long-term care costs are increasing, significantly.

It’s not just a little bit, but a lot. Everyone is dealing with rising costs of everything, including food, utilities, fuel, and the most necessities of life. However, that’s not the only thing that has been going up in price.

Long-term care costs are also on the rise. It’s not only due to inflationary pressures, but also the most basic of supply and demand economics. Right now, the Baby Boomer generation is retiring. That is increasing the entire senior demographic in the United States.

By 2030, it is expected that seniors will account for nearly 20% of the US population. That is an all-time high for that demographic. With seniors living longer, it also means more aging men and women will require long-term care. With limited resources and options available, that is simply going to continue putting economic pressure on the industry.

That pressure usually results in increasing prices for nursing home care, in-home care, assisted living facilities, and other types of elder care.

But do you need to think about it at your age?

When you are in your 40s, the last thing you are going to think about is long-term care needs. Unless you are involved in some kind of accident, a mishap that you can’t see coming, are you going to require long-term care?

Probably not. At least, not for a long time. So, why not just wait until you get closer to retirement to begin looking into long-term care?

It may become cost-prohibitive or even nearly impossible to obtain a long-term care insurance policy later in life.

Let’s say you decide to wait until you are 65 to begin a long-term care insurance policy. You are planning to retire in two years. You have invested wisely, have over $1-1.5 million in assets and savings and investments, and are feeling pretty confident about your future. So, you think now is the time to look into long-term care insurance.

You still don’t think you’re going to need it, but you reach out to an experienced agent or broker and sit down to talk about a policy. There may be a history of health issues in your family. Maybe you have had a few health scares already.

Suddenly, you find that very few insurance companies are willing to take the risk, given your age and those other factors. Now, if you are even able to obtain a long-term care insurance policy, you might not be able to afford it or want to.

That’s why it’s best to consider a long-term care insurance policy in your younger years so you are protected when you reach those blessed retirement years.

If you or a loved one are considering Long-Term Care Insurance in Rancho Bernardo CA, please get in touch with 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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