Your Golden Years might be right around the corner or still a decade or more away. You have been saving for retirement (or at least trying your best to). No matter how financially sound and set you are, would you be able to cover long-term care expenses in the event you, your spouse, or another dependent required it?
Many people assume Medicaid will cover these expenses.
The current official retirement age, as far as Social Security and Medicaid benefits are concerned, is 67. Many analysts and experts expect this age requirement to increase not long from now, possibly to 68 or 69. Some even believe official retirement age at 70 or 71 is a real possibility within the next decade or decade and a half.
Once you reach that official retirement age, you may be eligible to apply for Medicare and Medicaid coverage for health care and other services. If you haven’t really given much thought to the possible need for long-term care, you may just assume Medicaid would cover it.
You would assume wrong.
If you had to spend a significant amount of time on a nursing home, who would pay for it? If you have a house with significant equity or even completely paid off by then, savings, a retirement portfolio, and other assets, Medicaid would require that you use those up before it would cover any of those long-term care expenses.
That’s why you need some type of coverage.
You need an insurance. Long-term care insurance is ideal for those like you who are looking to the retirement, planning on it, saving for it, and want to protect their investments to enjoy their Golden Years.
Long-term care insurance (depending on the policy and what you choose for coverage) might cover three years of long-term care, for example. If you or your spouse (dependent) required a year and a half in a nursing home following a stroke, for example, and then another year of in-home care services from a visiting nurse and/or aide, do you know how much that might cost you?
If you live in Alaska, you’re looking at over half a million dollars right away. If you live in other parts of the country, you’re also looking at over $100,000 in expenses.
Don’t assume Medicaid will cover these expenses, especially if you have a house, savings, and other assets. Rely on long-term care insurance to help protect you, your family, and your savings into the future. This would be the time to get a long-term care insurance quote.
If you or a loved-one are considering Long-Term Care Insurance Quote in Encinitas CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
Latest posts by Steve Elliott (see all)
- One of the Most Common Questions About Long-Term Care Insurance: Is It Worth It? - November 18, 2019
- Three Key Factors to Consider When Shopping for Long-Term Care Insurance - November 11, 2019
- Will You Quality for Medicaid During Your Golden Years or Will You Struggle to Pay for Long-Term Care? - November 4, 2019