Will you require long-term care? Not now, but perhaps sometime in the future? Will your spouse, partner, or other dependent? You can’t answer that, can you? None of us can. If it’s a question about the future, no one knows what’s going to happen, so those who completely dismiss the notion of long-term care outright, regardless of their age, they’re making a potentially devastating mistake. Get more facts by talking to long-term care insurance companies ahead of time.
Why would that be a mistake?
If you don’t know the cost of long-term care at this stage in your life, you would likely be surprised at what you’d learn. The average cost of a nursing home (for one year) is about $85,000. In some places, it’s well over $300,000. For just one year.
Imagine finding yourself in the golden years of your life, having retired, and suddenly watching the bulk of your lifelong savings and investments being devoured by long-term care. That’s why it would be a mistake.
Now, let’s talk about some strategies you could employ to help you better prepare for what may lie ahead.
1. Begin a long-term care insurance policy. Now.
If you’re already well into your 50s or even closing in or passing 60, it’s well past time to start a long-term care insurance policy. There are a variety of options available to most people, so it’s best to go over every one of them with a broker or agent, from long-term care insurance companies, who are highly experienced with this type of coverage.
Why is it important to start a policy sooner rather than later? Affordability. The sooner you begin a policy, the more affordable it will likely be, but that still depends on a number of factors, including your current health, family history of health issues, financial situation, and future goals.
The longer you wait, the greater the risk of the policy increasing in price or that you could be denied coverage due to excessive risk factors.
2. Learn about the different types of long-term care.
The most common forms of long-term care include assisted living, nursing home care, and in-home care support services. Within each of these, though, you’ll have varying degrees of support.
For example, a person with dementia (of which Alzheimer’s is a form) will need memory care in the future, among other supports. Not every assisted living community, nursing home, or home care agency will have the resources, experience, or staff available to help with these changes.
3. Check out the cost of long-term care.
When you start researching the various types of long-term care and that you may need it due to a health emergency, an accident, a slip and fall, cancer, dementia, Parkinson’s, or any of dozens of other reasons, you should also pay attention to the cost factor.
A full-time in-home care aide, working 40 hours a week, may cost about $45,000 – $50,000 per year. Live-in care may cost more. As mentioned, in some states, nursing home care can exceed 6 figures… annually.
It’s easy to rest in the knowledge you don’t need long-term care now, but understand what it could cost you if you’re not prepared.
If you or a loved one are considering Long-Term Care Insurance Companies in San Marcos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today at (858) 350-3161.
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