What to Consider When It Comes to Budgeting Long-Term Care Insurance

What to consider when it comes to budgeting long term care insurance

Are you considering a long-term care insurance policy but feel concerned about the cost? While you may have health insurance now, not all employee-sponsored plans provide enough coverage. In most cases, these plans do not cover extended care services such as nursing homes and assisted living facilities. You can secure a long-term care plan without breaking the bank. Find out more about what you should consider when budgeting for a long-term care policy.

 

Your Income

The first step is to take a look at your current take home pay. Do you have a steady stream of income? Will the amount you make now help cover your future expenses? These items can be your mortgage, automotive expenses and utilities. If you are struggling to pay your bills today you may have problems paying them in the years ahead. If your income declines and you can no longer afford the premium payments, you may lose what you’ve invested in your policy. Start by creating a budget that accommodates any changes that may occur in the future.

 

Your Age and Health

The younger and healthier you are will determine how much coverage you receive and the amount of the premium. In most cases, the premium costs are much higher for someone older who may be in bad health. Some financial experts recommend waiting until the age of 60 to purchase a policy. This assumes you do not have a family history and you are in good health. For those concerned about their health background, he or she may feel securing a plan at age 50 is the best bet. So, whether you are 50 or 60, you should consider a long-term care plan if the premium amount does not negatively affect your budget.

 

Premium Costs and Options

The longer you wait to sign up for a long-term care plan the more likely you’ll pay a higher premium amount. If you want to the security now, it’s best to find a plan with flexible options. There are different policies available on the market that may be a better fit for your budget. You can stop in anytime and discuss these plans with one of our financial experts at Care Financial.

You have enough to consider when it comes to preparing for your financial future. Securing a long-term policy plan will give you peace of mind about paying for unexpected medical costs.

 

Contact us at Care Financial to discuss your insurance needs.

 

Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at www.carefinancialonline.com or call us at 251-633-7122.

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