It’s never any fun when you are told you waited too long to do something, especially if you realize that it was the perfect option. Long-term care insurance pretty well encapsulates this for those who wait too long. At some point in time, you or your spouse or other dependent may require long-term care.
That may come in the form of 24-hour home care, for example. Maybe it won’t be permanent, such as ongoing for years and years, but the result of injuries sustained in a serious accident that leaves you or your loved one unable to care for themselves as they recover for many months or at least a couple of years.
You may not have ever thought you or she or him would ever need long-term care in the future, but that’s part of the problem. Many people have this belief of, “it won’t happen to me.” It often starts in our very earliest years, usually as teenagers who assume they’re immortal, impervious to harm.
In truth, most adults are very aware that accidents can happen, health issues can arise seemingly out of the blue, and other crises develop that may require immediate medical attention. Yet, when it comes to long term care, which may include 24 hour home care, most people don’t think they are the ones who will require it.
So maybe you waited through your 50’s and are now around 65 or so and have just started looking into long-term care insurance.
What can you do if you are denied insurance coverage?
For starters, encourage younger individuals about the importance of long-term care insurance. Whether it’s your adult children, friends, coworkers, or others, make sure they know your struggle now.
Next, you will want to reach out to other potential providers to find out if they would cover you or your spouse at this time. If your spouse or partner or other dependent is considerably younger than you, they may still qualify for long-term care insurance.
You may also find certain coverage options available to you, even at your age, but at a much steeper policy premium. Is it going to be worth it now? That all depends on several factors, including the risk of requiring long-term care sometime in the future, your family history of health issues, your current health issues, and the cost of long-term care.
Could you just pay for long-term care yourself?
That depends on how well you saved and planned for the future. Many people assume Medicaid will cover long-term care expenses once they reach 67. However, that is only going to kick in once the individual has used up all of their available assets, which often includes the equity value in their house, if they own real estate.
If you waited too long to begin long-term care insurance, there may be some options available if you look around and reach out to other companies. That’s why it is best for those in their early to mid 50’s to at least start a policy now rather than wait.
If you or a loved-one are considering Long-Term Care Insurance in Del Mar 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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