Some Crucial Things to Know About Long-Term Care Insurance

By Steve Elliott | May 13, 2024 | Comments Off on Some Crucial Things to Know About Long-Term Care Insurance

Long-term care insurance may not be a “lifesaver” per se, but it can certainly be a retirement saver. A lot of people ignore long-term care insurance in their 40s or 50s because they don’t think they need it and do not want to pay long-term care insurance premiums. They assume they aren’t going to require any type of long-term care, at least until they are in their 70s or 80s. Even then, they think, Medicaid or their primary health insurance is going to cover those expenses.

Below are four crucial things you should know about long-term care insurance so that, if you’re in your 40s or 50s, as mentioned, you can be better prepared and make a sound decision for your family and your future.

1. Long-term care insurance matters, especially as you get older.

Long-Term Care Insurance Premiums Rancho Bernardo CA -Some Crucial Things to Know About Long-Term Care Insurance

Long-Term Care Insurance Premiums Rancho Bernardo CA -Some Crucial Things to Know About Long-Term Care Insurance

Why does it matter? Because the odds of you or your spouse needing long-term care in the future will increase the older you get. By the time you are in your mid-70s, there is a greater than 50-50 chance you will need long-term care in the future.

If you make it to your 80s, you might need a few months of rehabilitative care after a stroke or a broken hip or something else. You never know what the future will bring, and if you become lax in preparing, you open yourself up to extreme challenges that you could’ve avoided with the right insurance.

2. You may not be eligible after a certain age.

There are a variety of factors that go into determining a policy’s cost as well as eligibility. You may assume you can start a long-term care insurance policy when you’re 60 or 65, but that may not be the case.

Is there a family history of dementia? Do you have a family history of heart disease? What about lung disease? Emphysema? Diabetes? A whole host of health issues could be part of your family history and that can make it difficult, if not impossible, for you to obtain a long-term care insurance policy if you wait too long.

3. The cost of care will only increase.

Inflation has been high for the past several years, and that goes across most industries. With regard to long-term care, it is only going to get higher and higher. The demand for short and long-term care is going to increase because of the baby boomer generation that is retiring.

Seniors will comprise nearly 20 percent of the entire US population before the end of the decade and that means greater demand, which means higher prices.

4. If one quote is too high for you, you can adjust the policy.

Just like with auto insurance, life insurance, homeowners’ insurance, and other types of insurance, there are things you can cut back on, aspects you can adjust to lower the policy cost.

The one thing you want to avoid is assuming that Medicaid is going to cover these expenses. Did you know that Medicaid is only going to cover long-term care expenses after you have exhausted your available savings and assets? That can include the value of your home if you own one.

So don’t take it for granted. Look into long-term care insurance and long-term care insurance premiums now and avoid the mistakes that too many Americans are making now.

If you or a loved one are considering Long-Term Care Insurance Premiums in Rancho Bernardo 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
Latest posts by Steve Elliott (see all)
Posted in Long-Term Care Insurance Premiums and tagged ,