There are numerous types of insurance available to most people. Some of them are required, such as automobile insurance when you have a registered car on the road. If you have a mortgage, homeowner’s insurance is also a requirement by most lenders. However, life insurance, for example, isn’t required by any law or regulation and neither is long-term care insurance.
Some people will consider long-term care insurance to be a ‘luxury’, something that would be nice to have, if they had the money available. Putting it in this context, though, does a great disservice to what long-term care insurance offers, especially for older Americans.
What benefits might you gain by having long-term care insurance?
If you own your house, have savings, and are building a solid retirement investment portfolio, you have financial assets worth protecting. Did you know that before Medicaid will begin paying for any type of long-term care you will have to essentially use up all of your assets, including the equity in your home?
Many people don’t realize that. They simply assume once they reach 67 (or perhaps 69 or 70 if the “retirement age” changes before they reach that point in their life) that Medicare and Medicaid will kick in and begin covering things like long-term care.
That’s not how it works. If you want to protect your assets from being used in the event you or your spouse require some type of long-term care in the future, it’s time to think about long-term care insurance.
What might long-term care insurance offer?
This is the key question more people should be thinking about whenever the topic of long-term care arises. While you may be in great health in your mid 50’s or early 60’s, a medical emergency, accident, or even major surgery could completely change the landscape of your life.
In the blink of an eye you can go from being a healthy, active adult to someone depending on long-term care. If you have to spend a year or more in a nursing home to begin the recovery process, for example, how much would that cost?
Depending on where you live, it could cost hundreds of thousands of dollars. For most people, that could quickly eradicate all of the savings they built throughout their entire life. Long-term care insurance can help protect those assets in savings.
Before dismissing long-term care insurance as a luxury, consider what it protects. It is certainly possible you’ll never need long-term care, but in the event you do, it’s wonderfully reassuring to know your assets are protected for a while.
If you or a loved-one are considering Long-Term Care Insurance Cost in Carmel Valley 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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