Is It Okay to Skip Long-Term Care Insurance as You Approach Retirement Age?
Some people may ask, “Do I really need long-term care insurance as I’m retiring?” No, you don’t “need” it, but you don’t need life insurance, either. However, millions of responsible adults, especially those who are advancing in years, pick up and carry a life insurance policy. Most people don’t think much about long-term care needs, especially when they are healthy, strong, and active. It doesn’t matter whether you are 50, 60, or fast approaching 70; the need for long-term care is going to be there for many of you. Checking into the costs and benefits of long-term care insurance premiums that might help with your decision.
That doesn’t mean you are going to need long-term care at some point in the future, but the risk increases as you age.
What does it mean to experience a risk increase?
The older you get, the more likely you’re going to face some type of health emergency. Whether it’s major surgery, injuries sustained in a slip and fall accident, cancer, a stroke or heart attack, or something else, as you get older the odds of one or more of these things happening to you increases.
That doesn’t mean you will need long-term care, though. Yet, with more advances in medical technology, treatment, and other options, people are living longer and living with more serious health issues than they had in the past.
Sometimes, a person recovering from a stroke, for example, may need to spend several months in a nursing home as they begin to work with a physical therapist and regain some mobility. Who is going to pay for that?
Most people incorrectly assume insurance will cover long-term care expenses.
They don’t think much about long-term care or the expense it will incur in their lives. They assume their health insurance or Medicaid is going to cover those expenses. First of all, Medicaid will only cover those expenses after a person has exhausted most of their available assets, which often includes the equity in their primary residence.
On top of that, most states only cover nursing home care, not other types of elder care, which may be preferable to most people. The majority of health insurance policies also only cover short-term care, not long-term care. So, a person may have been working most of his or her life, saving and investing diligently for retirement, and suddenly see all of that money evaporating due to long-term care expenses.
You may not need long-term care insurance, but is that a risk worth taking?
Life insurance is easy: everyone will pass away, so the right life insurance policy will protect your dependents left behind when you’re gone. Not everyone is going to need long-term care. So, where do you draw the line and find balance?
The sooner you begin a policy, the more affordable long-term care insurance premiums become. You also don’t want to wait too long if there’s a family history or you have a personal health history that could make long-term care insurance unobtainable.
Is it okay to skip long-term care insurance as you approach retirement age? That’s up to you, but for somebody who did the right things and invested and saved for retirement, there’s no reason to skip it now.
If you or a loved one are considering Long-Term Care Insurance Premiums 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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