Do you have long-term care insurance for yourself? Yes? No? Let’s assume you don’t. Maybe you’re not at that age where long-term care insurance is all that important just yet. Or, you might not be at what long-term care insurance companies experts refer to as the ‘sweet spot’ for this type of policy (which is around 55 years of age).
You might be in your 30’s or 40’s. Maybe you have heard about long-term care insurance and think it would be a great option for your elderly mother, father, or both. Yet, if you brought up the topic in the past and they dismissed it, what can you do?
There are a few ideas you might want to consider that could help them see the benefits in starting a long-term care insurance policy.
Understand their long-term plans and working with long-term care insurance companies.
Most people have some type of idea about what retirement should look like for them. They may have already retired or are about to. Sometimes, plans change.
A person who worked all of their life and was planning on retiring at 65 may have to wait until they are 67 or, (soon), maybe 69, depending on when Social Security payments start coming in.
Even if your parents have retired early, that doesn’t mean they will qualify for long-term care insurance. They might not or the policy could be cost prohibitive since they are older, but if you have no idea what their long-term plans are, how much they have invested and saved, or how they might be able to pay for long-term care themselves, this is an opportunity for you and long-term care insurance companies to not only help them evaluate things more clearly, but also see the bigger picture.
What does it mean to see the bigger picture? A lot of people assume they are going to be fine during retirement. They have investments, maybe they own their house outright, they have a pension, Social Security, and so forth. However, they have no idea of the cost of long-term care. Most people have no idea that having to pay long-term care out of their own pocket for two years could seriously affect their ability to remain retired.
Take a look at long-term care costs.
Today, the average cost of assisted living is about $75,000. Nursing home stays could cost far more than that. In some places, one year at a nursing home can cost you more than $300,000. And that’s with today’s prices.
Currently, we are experiencing hyperinflation, which means prices are increasing by 4 or 5% annually and that may rise even further.
When you understand the cost of long-term care, you realize how important it is to be insured in the event you or that loved one requires this type of care in the future.
Understand the limits of Medicare and Medicaid.
Too many people assume Medicaid will cover long-term care costs once their primary health insurance policy no longer covers it. That will only happen, though, after all available savings and assets are used up.
That means the equity in their house. Their savings accounts. Investments, and more. Want to know how to help people understand the value of long-term care insurance? You and long-term care insurance companies can help them realize they could very well be paying for long-term care out of their own pocket if it is needed.
If you or a loved-one are considering Long-Term Care Insurance Companies in San Diego 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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