5 Questions to Ask Before Buying Any Type of Long-Term Care Insurance

By Steve Elliott | March 19, 2018 | Comments Off on 5 Questions to Ask Before Buying Any Type of Long-Term Care Insurance

When looking into any type of long-term care insurance, it’s important to ask a number of questions. This is a great insurance option to consider, but buying from the wrong company, getting the wrong type of insurance policy, or even paying for certain components of the policy that are not actually necessary could all lead to regret later on, especially when and if that individual attempts to rely on the policy for long-term care needs.

Long-Term Care Insurance San Marcos CA - 5 Questions to Ask Before Buying Any Type of Long-Term Care Insurance

Long-Term Care Insurance San Marcos CA – 5 Questions to Ask Before Buying Any Type of Long-Term Care Insurance

Below are five important questions a person should consider asking himself or herself about long-term care insurance that will help them make a better decision for their future.

Question #1: How much coverage will I need?

If a person is not physically fit, extremely strong and healthy, or has other health issues in their 40’s, they might require more coverage sooner rather than later. Of course, accidents and other unexpected emergencies can affect the person in numerous ways, but having a clear understanding of just how much coverage may be required is a good start.

Question #2: When should I buy?

Depending on a number of factors, currently it might cost approximately $100 per month for a 45-year-old to purchase long-term care insurance (for example) that will provide three years of coverage. A person looking at that might be thinking, ‘$100 per month is an awful lot of money,’ and consider that in 30 years he or she will have paid $36,000 into the policy. A 75-year-old who needs three years of long-term care, though, might be looking at expenses closing in on $100,000 annually. That’s $300,000 that could be saved with a $36,000 investment at $100 a month.

However, a person 65 years of age might have to pay $250 per month, which would equal $30,000 if they needed it at 75. It may seem prudent to wait, but medical emergencies and other disabilities can occur well before 75, so making the investment sooner rather than later can be a much better option.

Question #3: What are current costs of different types of long-term care?

Similar to the next question, it’s a good idea to be clear on just how much long-term care costs at the moment. This often helps people realize the value in a long-term care insurance policy now, rather than waiting.

Question #4: How much will inflation impact those costs in 10, 20, or 30 years?

It’s easy to look around and see how much of assisted living, nursing home care, or even home care support services costs right now, but what about 20 or 30 years from now? Inflation is going to raise prices, but other factors, including supply and demand, will also be a determination.

It’s necessary to have enough coverage for when a person might require long-term care, so those factors need to be considered.

Question #5: Are there any hidden fees or fine print to be aware of with the contract?

If there are any questions about the policy, always ask before signing. A quality and legitimate long-term care insurance company, agent, or broker should be more than willing to go over the details without pressuring a person to purchase a policy.

If you or a loved-one are considering Long-Term Care Insurance in San Marcos 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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