How much might it cost if you were involved in an accident tomorrow and spent a year or more in a nursing home? What if that was only the beginning of your road to recovery? Do you have any idea what long-term care cost happens to be today or how long-term care insurance cost can help you through this.
Most people don’t. That’s because, unless they have some direct need or experience with it (such as an aging parent or grandparent who required it recently), they never think twice about it.
Most people have no idea just how much long-term care costs are. June is Rebuild Your Life Month and even though you haven’t thought much about long-term care or the costs associated with it, now is the time to do that.
The reality is simple: long-term care costs can be astronomical. A common, harmful fallacy many people hold about long-term care is that once they reach a certain age their health insurance provider or the federal government is going to pay for it.
That is simply not true. Most health insurance policies only cover short-term care. That might be three or four or six weeks, at the most. As for the government, Medicare and Medicaid will only kick in if and when all personal assets are used up.
That means, if a person requires nursing home care and owns a house, they will either have to take out a reverse mortgage or sell it to help pay for those expenses.
Now, realizing this, what could the impact of an accident, stroke, heart attack, aneurysm, or even pneumonia or some other medical emergency have on your finances in the event you or your immediate dependent (such as your spouse) required long-term care?
Most people have no idea.
Imagine spending a year or year and a half in a nursing home while you began the slow, painful recovery process. You had to go through physical therapy, but that was after six months just getting back to some semblance of mobility.
Would it surprise you that this could cost you $200,000, $300,000, or even half a million dollars? If it does, you’re not alone.
Consider long-term care insurance cost.
If you’re in your late 40’s, sometime in your 50’s, or early 60’s, it’s not too early or too late to think about long-term care insurance. While no one hopes that you or anyone you love finds themselves in that kind of situation, it can and does happen every day.
When you have long-term care insurance, you can focus on rebuilding your life in the aftermath without losing everything you worked so hard to earn.
If you or a loved-one are considering Long-Term Care Insurance Cost 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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