Why Do We Overlook Insurance, Especially Long-Term Care?
Insurance tends to be a dirty word in our society, doesn’t it? When it comes to different types of insurance, some people have a tendency to avoid it, including for things they know will happen. Getting information from long-term care insurance companies can help you assess what you will do for your future should you need extended care.
Even though automobile insurance is required by law (for example), it makes sense to have it, doesn’t it? If you purchase a $50,000 automobile, wouldn’t you want to also insure it? If you don’t, and you’re involved in an accident, even if it isn’t your fault, what would happen if you do not have insurance? You would have to pay for the damages and repairs out-of-pocket.
If the vehicle was a total wreck and you had a loan out on it, you would be responsible to still pay off the loan. A lot of people would probably declare bankruptcy at that point, but that’s beside the point of this article.
One of those things is the end of your life. Life insurance helps to provide financial resources for your dependents — your spouse, children, and others who may be listed on the policy — so they can take care of your final expenses, carry on without your income, and deal with the loss over time.
You know you’re going to pass away one day. Whether it happens today, tomorrow, or 50 years from now, it will happen. That’s what life insurance is all about; protecting you and your family from the inevitable. Yet, how many people actually have a life insurance policy these days? Less than 50 percent? Maybe even less than thirty?
What about long-term care insurance?
Are you ever going to need long-term care?
This is one of the key thoughts people have when it comes to long-term care insurance and why they don’t want it. They assume they will never require any type of long-term care. So, if they aren’t going to need long-term care, why bother with insurance?
Other people simply assume their health insurance coverage is enough. They fail to realize that when it comes to long-term care, most health insurance policies do not cover it. They cover short-term care, such as an abbreviated stay in a hospital or a week or two at a nursing home following a medical emergency, but that’s it.
If you need long-term care, like a nursing home or in-home care that goes on for months and months, maybe even years, you will be paying for that out-of-pocket.
What about Medicare or Medicaid?
Medicaid is only going to cover long-term care expenses (in most states, that only includes nursing home care) after the individual has used up all of their available savings and assets in their name. That may include the equity in their primary home.
Does that surprise you?
It tends to surprise most people, especially those who are approaching retirement years. Whatever the reasons for avoiding or overlooking long-term care insurance, if you’re in your 50s, it’s time to get serious. It’s time to look at how this can help protect you and how it could just save your future retirement years. It’s time to contact long-term care insurance companies.
If you or a loved one are considering Long-Term Care Insurance Companies 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.
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