October is Financial Planning Month and you may be just sitting down to begin planning your financial future. If you are in your 20s or 30s, this is a great sign that you’re on the right track to be able to retire when you want and live the kind of life you desire during those retirement years. If you are in your 40s or 50s, it is absolutely time to begin making the right plans. If you are in your 60s, you may be stressing about what the future may hold now. Paying long-term care insurance premiums for long-term insurance should factor into your plans.
Planning for your financial future is something that should begin as early as possible. However, if you are in your 50s or 60s and are only just now starting, you should have done this earlier. Don’t take that as an insult; use it as motivation. It is not too late. Yes, you may have to delay retirement and yes, you may have to make compromises for your retirement and what you want to do during those years, but the second best time to begin planning for the future is right now. The best time was yesterday.
Now, as far as your financial future is concerned, one key component that can easily be overlooked involves long-term care.
What is long-term care?
You probably already know what it is, but maybe you never thought about it in terms of your future. If you need to spend considerable time in a nursing home, assisted living facility, or require some type of in-home health care, such as from a visiting nurse and it was for longer than just a few weeks, but more likely several months or even years, that constitutes long-term care.
Now, most people have various misconceptions about long-term care and who will pay for it. Most people, because they never really think about it, simply assume their health insurance is going to cover those expenses. Others may assume once they reach retirement age, which is officially 67 according to the federal government, that Medicaid will kick in.
In reality, the overwhelming majority of health insurance policies are only going to provide coverage for short-term care. They do not cover long-term care. As for Medicaid, it will only cover a specific type of long-term care after the individual has used up all of his or her available assets and savings. That can include the equity in their home.
What are long-term care insurance and long-term care insurance premiums?
This is a supplemental insurance policy that will help to pay the cost of long-term care in the event you or a specific dependent requires it. For most people in advancing years, whether they are in their 50s, 60s, or 70s, that dependent is going to be a spouse. It could be a disabled adult child or another individual who depends on them financially, but most of the time it’s a spouse.
If you or your spouse or any other dependent requires long-term care, that insurance policy can provide a safety net that helps to protect your other assets and savings. So, when you begin planning for your financial future, make sure to include long-term care insurance and the cost of long-term care insurance premiums in your discussions.
If you or a loved one are considering Long-Term Care Insurance Premiums 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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