Talking about finances is important for any married couple. Unfortunately, there is often a great deal of distance between what one spouse knows and the other sees. In order to be a team, it’s important to reach a point of cohesiveness, and that includes not just about the present, but the future. Long-term care may not be a topic most couples discuss on a regular basis, but it should be. That’s because as people age and live longer, there is an increasing likelihood that one or both of those spouses will need some type of short or long-term care in their 60’s, 70’s, or 80’s. Long-term care insurance companies can provide the facts and statistics on this matter.
Because of that, the cost of care can be crippling financially. A couple could work tirelessly and do all the right things to save for their retirement, retire at 65 or 67, travel, do the things they always wanted to do, and then suddenly one of them becomes ill, gets injured, or faces another medical emergency. What happens then?
If that individual requires long-term care, a lot of people assume either Medicaid would cover it or their primary health insurance provider will cover it. Most health insurance companies are only going to cover short-term care. They are not going to provide financial assistance for long-term care.
Medicaid is not going to pay for long-term care until the individual has used up all of their available assets, including savings. That may include the equity in their home.
So, here are three critical topics you might want to sit down and talk about with your spouse regarding long-term care.
Is it the right time to speak with long-term care insurance companies now?
That depends on your age, family history of health issues, and other factors. Generally speaking, the sweet spot for beginning a long-term care insurance policy is around 55. If there is a family history of certain illnesses, like Alzheimer’s or heart disease, then you may want to look at starting a policy earlier.
What happens if you wait too long? You could be denied a long-term care insurance policy or it may no longer be affordable. The sooner you start looking into it, the better.
Will you ever really need it?
It’s possible that you might not. However, would you rather be protected and protect your retirement savings and investments in the event one or both of you need long-term care in the future or take a chance and find yourself completely financially devastated, broke, and busted by the time you’re 75 or 78?
Is there a family history of serious medical issues to worry about?
Related to the first point, if there is, then there is an increasing likelihood that you or your spouse will require some type of long-term care in the future. Whether this is home care, assisted living, nursing home care, or something else, that really doesn’t matter so much when it comes to long-term care insurance.
Just make sure the policy is going to provide financial coverage for the type of long-term care you may need in the future.
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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