Have you ever heard of long-term care insurance? If so, you’re actually the exception rather than the rule. People don’t have any idea there is this type of insurance, but as they get older and face retirement, the concept may come within their purview.
It’s an insurance policy that can provide coverage for various types of long-term care, if needed, in the future. Some of the most common types of long-term care people require include nursing homes, assisted living facilities, and in-home health care.
How many seniors actually carry long-term care insurance?
It’s unclear what the numbers are, but it’s the exception to the rule, as noted earlier. Most people in their 40’s, 50’s, and 60’s don’t carry long-term care insurance for a number of reasons. The most common one is that they either don’t realize it’s available as an option or don’t think they’ll ever need it.
What about for those who don’t know it’s available?
Information is getting out about long-term care insurance, so more aging Americans are realizing this is an option. Still, most people don’t think they will ever require long-term care of any kind. As a result, they don’t consider it necessary in their 40’s or 50’s.
When a person is in their 60’s and quickly approaching retirement age, they might look at their assets, savings, investments, and property and suddenly realize all of that could be at risk if they require long-term care.
After all, before Medicaid begins paying out for long-term care, an aging senior (over the age of 67) would need to use up all their assets, which may include selling their house or taking out a reverse mortgage to pay for long-term care.
What are the odds a person will require long-term care?
When people consider life insurance, there is a 100% certainty that if they keep their policy intact, someday it will pay out. The same isn’t true of long-term care insurance.
This is one of the prime reasons people don’t consider this as an option moving forward. They cannot foresee themselves requiring a nursing home or assisted living facility in the future.
That type of naïve or wishful thinking is more harmful than beneficial. It has a way of justifying to that individual not paying the premiums on a long-term care insurance policy in their 50’s and 60’s. In truth, the odds dramatically increase that some type of long-term care will be necessary when a person moves through their 60’s and into their 70’s.
However, depending on family history, health issues, and a number of other factors, a person in their 60’s may no longer be eligible for long-term care insurance. This is why it’s so important to consider and contact companies during the “sweet spot” years of a person’s mid-50’s.
If you or a loved-one are considering Long-Term Care Insurance Companies in Oceanside CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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