You’ve been smart with your money. You’ve been saving for retirement. You understand there are a variety of risks you may face in the years ahead. You have done your best to prepare for them, but you also realize you might not face the same types of challenges your spouse, parents, or others have faced. When you are in your early to mid-50s, you might have looked into a long-term care insurance policy. Maybe you heard about it in your 30s or 40s and dismissed it, for the time being, anyway. Now, you’re getting serious because you recognize that your retirement years are fast approaching.
Maybe you’ve heard about long-term care and the rising costs associated with it. Yes, long-term care costs are increasing for a number of reasons. They are increasing because of demand. There are more baby boomers retiring now, meaning more seniors placing increased pressure on the healthcare industry as a whole.
They are increasing because of economic pressures, most notably inflation. They are also increasing because, following the pandemic, many elder care services have been struggling to attract and retain valuable employees, meaning it becomes more difficult to find some of the most preferable services in elder care.
One thing you’re questioning, though, when it comes to long-term care insurance is what type of long-term care it is going to cover. How do you find out?
Speak to a qualified broker or agent first.
Before you search online and get overwhelmed with different types of information, find a broker or agent. This should be a person who is licensed in the field of insurance. They should also have direct experience in long-term care.
There are many insurance agents out there who simply don’t have much experience when it comes to long-term care. Their specialty might be in life insurance, homeowner’s insurance, automobile insurance, or something else.
You’ll want to find somebody who has direct and significant experience when it comes to long-term care insurance.
Understand the basic types of long-term care.
There are a variety of elder care options available for most people. The most common you will come across include assisted living, nursing home care, and in-home care.
The cost of each of these can vary from state to state as well. It’s easy to assume that Medicaid is going to cover these expenses, especially when you are well past retirement age, but in most states, Medicaid only covers nursing home care and only after you have exhausted all of your available savings and assets. Some of those assets can include equity in your home.
If you are interested in assisted living or might be in the future, if you get to a point where tending to the basic care of your own house is too much, find out how much of that would be covered by your policy.
You’ll also want to understand how much you could get if you prefer in-home care. The best way to answer these questions is to speak to an experienced and licensed broker or agent directly.
If you or a loved one are considering Long-Term Care Insurance in Carmel Valley 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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