Hey guys its Alex, I’m an insurance broker and today I’ll be telling you about, what is long term care insurance and when should you get it?
So long term care insurance is a specific type of insurance designed to cover you if you ever wind up needing skilled nursing or you need 24-hour supervision. Or basically, you can’t take care of yourself you need someone to attend to you most of the time to help you to take care of your daily necessities such as eating, bathing, dressing that sort of thing. Most of the time I get this question when we have clients who are getting ready to retire and its starting to come top of mind like, what happens? Maybe they’ve had a family member that who has had to go to a nursing home, and they saw that they have huge bills. Typical nursing home can cost $6000 a month and that number could be increasing with inflation.
Long term care insurance is really designed to address those costs. When is the best time to get it? What I’ve heard and what I’ve seen in practice is typically the sweet spot might be around age 60 years old where you’re not so young that you keep paying for it for a longer period of time and you’re not too old where your premiums are too high. So around 60 is typically where I see the most affordable option.
If you have any questions on that feel free to call our office at (210) 469-3900 for FutureWise Insurance.
Thanks so much for watching.
Join our newsletter for monthly updates, tips, and enrollment reminders!