One Question All Seniors Need to Ask Themselves Right Now

Questions allow us to get to important answers, to the truth. Sometimes, though, we don’t really want to ask questions because we don’t want to find the answers.  That’s often one of the reasons why so many Americans fail to get adequate life insurance when they’re in their 40s or 50s or 60s. They assume they are going to outlive the policy and won’t really need it. Or they choose the lowest amount possible because it’s affordable. They want to have the money now, not tied up in a life insurance policy or in a policy to cover long-term care insurance cost.

Long-Term Care Insurance Cost Rancho Penasquitos CA - One Question All Seniors Need to Ask Themselves Right Now

Long-Term Care Insurance Cost Rancho Penasquitos CA – One Question All Seniors Need to Ask Themselves Right Now

When it comes to long-term care, though, people need to get serious about this. As the cost of long-term care increases and demand also arises, it really comes down to a question of not whether you may or may not need long-term care, but whether you can afford it when you do.

Another example, we may work for an employer, invest in a 401(k), and assume everything is fine, but never dig deeper to make sure we know where those investments are being put.

For some, it’s because investments can be complicated. Difficult to understand. For others, it’s because they want the illusion that everything is being taken care of, that those in charge of the 401(k) or Social Security or some other program that will help us in retirement know what they’re doing. Sometimes, people make bad decisions.

Could you afford long-term care now? This is a question every American should be asking themselves, especially if they’re in their 40s, 50s, or 60s. If you were to ask about 100 people at random on the streets of this country this question, what do you think their responses would be?

It would either be yes, my insurance will cover it, or they won’t need any type of long-term care. There would be other answers, too, but those would be the most common.

Let’s dispel the question about affordability outright.

Yes, you could afford long-term care.

Those people who would say that clearly have no idea how much long-term care actually costs. They might be thinking in terms of a few thousand dollars. The most affordable long-term care, home care, would cost about $45,000 to $55,000, on average, for full-time care.

Assisted living can cover a wide range of expenses, but the national average is around $75,000 to $85,000. Nursing home care could cost an American about $85,000, on average, but in some states, like Alaska, it’s well over $300,000. For just one year.

Suddenly, when people see these numbers, they start to question whether they could afford it for long.

My insurance will cover it.

That’s the default thinking of so many Americans. In truth, most health insurance policies do not cover long-term care. That’s a cold, hard fact. Medicaid doesn’t cover it, either, until all available assets, including the equity in your primary house, are used up first.

I don’t need any type of long-term care.

No one expects to be in an accident tomorrow, either, but it happens every day. You might be in perfect health. But that truck or car that sideswipes you, causing a multi-vehicle accident on the highway, or the drunk driver going the wrong way or crossing into your lane could change that in the blink of an eye.
A stroke, aneurysm, heart attack, or some other medical emergency never counted on could strike at any moment.

When you ask the question of whether you can afford it right now, it should always lead you to consider long-term care insurance instead.

If you or a loved one are considering a Long-Term Care Insurance Cost in Rancho Penasquitos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.