Reasons to Start a Long-Term Care Insurance Policy in Your 50s

By Steve Elliott | August 21, 2024 | Comments Off on Reasons to Start a Long-Term Care Insurance Policy in Your 50s

If you’re like most Americans, you don’t know very much about long-term care insurance. You may have heard about it to some degree or in passing, but you likely have never looked into it for yourself or anyone you know or found out about what the long-term care insurance premiums might be.

Long-Term Care Insurance Premiums Del Mar CA - Reasons to Start a Long-Term Care Insurance Policy in Your 50s

Long-Term Care Insurance Premiums Del Mar CA – Reasons to Start a Long-Term Care Insurance Policy in Your 50s

Most of the time, the reason we Americans don’t bother learning about something like this is because we assume we don’t need it. At least not now. Yet, did you know that the older you get, the greater the likelihood you’ll need some type of long-term care in the future?

In short, let’s say you just turned 70. There’s a 50/50 chance you’re going to require long-term care within the next 10 years. Now, how would you pay for it? If you’re counting on Medicare or Medicaid to cover those expenses, think again. Maybe you have private health insurance and assume that’ll cover it. Not likely.

Let’s look at four reasons why starting a long-term care insurance policy in your early to mid-50s is a good idea.

Reason #1: You’re at the perfect age.

That doesn’t mean you’re going to need it shortly, but you’re at the optimal age to get the best coverage for the best rates. Many factors will go into determining your policy terms and rates, including family history of health issues, personal history of health, age, and more, but the best time to start a policy is right now.

Reason #2: Your insurance won’t cover those expenses.

Most personal health insurance policies only cover short-term care and Medicare/Medicaid will only cover one type of care and only after you’ve exhausted all of your available savings and assets.

This is one of the biggest mistakes many people make when it comes to long-term care. They assume those expenses will be covered by the insurance they’ve had for years. Most won’t, leaving you footing the bill for what could be hundreds of thousands of dollars each year you or your spouse needed long-term care.

Reason #3: You want to protect your retirement.

Hopefully, you won’t need long-term care in your 70s or 80s, but as we mentioned, the older you get, the greater the chances are you will. Still, even if you’re in perfect health right now, eat well, get good exercise, and visit your doctor regularly, that doesn’t mean everything will remain perfect forever or that an accident won’t take you down.

If something happens to you just before or after retirement and you have to pay those expenses out of your pocket, where will that money come from? Most people would have to tap into their retirement funds. That could severely impact your ability to do the things you want to do during those golden years of life. Long-term care insurance will help protect all that.

Reason #4: Expenses are only going to rise.

You know all about inflation. It’s been hammering Americans for a few years now. That’s driving the price of everything up, including long-term care and long-term care insurance premiums, It will also only drive up insurance prices over the next five, 10, and 15 years.

If you want to lock in the best long-term care insurance premiums possible, do it earlier rather than later. You’ll thank us in the long run.

If you or a loved one are considering Long-Term Care Insurance Premiums in Del Mar CA, please get in touch with Steve Elliott at Capstone Insurance for an honest discussion about your future and options. Call today at (858) 350-3161.

Steve Elliott
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