Every insurance policy is different, and all long-term care insurance companies will have different requirements in order for somebody to collect on their benefits, but when it comes to long-term care insurance, most states in the United States require a maximum of three ADLs (Activities of Daily Living) that you would need support with in order to begin collecting on those long-term care benefits.
Most policies will begin covering long-term care even for just one or two requirements of Activities of Daily Living. So, for example, if you needed help getting out of bed in the morning and getting dressed, that might be considered one ADL, and some insurance policies will start paying for in-home care support in that situation.
A different policy may require at least two or three needs, perhaps including assistance with prescription medications, bathing, toileting, or getting out of bed.
Would you really need a policy from long-term care insurance companies, though?
This is one of the key questions people ask when they hear about long-term care insurance. Most people don’t know that there is an insurance policy that can cover long-term care until they or somebody they know needs it. If they need long-term care, then is certainly too late to begin a policy.
However, when an aging parent or other elderly loved one needs in-home care, assisted living, nursing home care, or something else along those lines, they begin to think about what would happen if they require that at some point, too.
The best age to begin a long-term care insurance policy is between 50 and 55, with 55 considered the ‘sweet spot’ for most policies. That means it would likely be the most affordable and, should you wait much longer, you could find yourself being denied coverage because of a family history of health issues, your own personal history of health problems, age, or other factors.
What if you don’t think you’ll need long-term care for another 20 years?
That would be a wonderful thing. However, what if you or your spouse or other direct dependent has a medical emergency? What if they have an aneurysm, or stroke, or are diagnosed with cancer, Alzheimer’s, or some other serious issue?
What if you or your spouse is involved in a terrible accident? That could lead to months, maybe even years of recovery. That would likely include the need for constant support and assistance along the way.
How much would you be able to afford on your own?
A lot of people underestimate just how expensive long-term care can be. You might be investing and saving for retirement, but if you needed long-term care for a year or two, such as nursing home support, that could cost you well over six figures in many states. In fact, depending on the need, you could find yourself paying almost $300,000 or more for just one year in some places.
For most people, that could lead to financial ruin. That’s why long-term care insurance is so valuable. It’s why people, when they discover it’s an option, shouldn’t dismiss it because of their age or current health situation, but rather see it as a way to help protect their financial future during retirement.
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 at (858) 350-3161.
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