November is National Long-Term Care Awareness Month and it may be that most average, healthy adults in their 20’s through their 60’s never really think twice about the prospect of needing long-term care at some point in their future or thinking about long-term care insurance premiums. In truth, the older a person is, the more likely he or she will require some type of long-term care, whether that amounts to a few months or even years.
The reason why so few people even contemplate long-term care, including senior home care or any other type, is because they don’t feel the impact that age, injuries, or even chronic health issues can have in their life.
When is the time to consider long-term care potential?
If you are in your late 40’s or early 50’s, now is the time to begin contemplating what you would do to pay for long-term care in the event you need it at some point in the future. Long-term care insurance can help pay for many different types of senior home care and other options, including assisted living.
If you wait too long to start a long-term care insurance policy, you may be denied due to family history of health issues, your health history, and other factors. Even if you are approved for long-term care insurance, you may find that the monthly long-term care insurance premiums is outside your comfort zone.
If you had looked into it earlier, though, you may have discovered that the monthly long-term care insurance premiums was lower if you started in your late 40’s or early 50’s rather than waiting until you are in your 60’s.
What about those long-term care costs?
You might never need 24 hour home care. That’s something all of us can hope we don’t need, but what if you do? Do you have any clue how much 24 hour home care might cost at this stage in your life?
The average cost of full-time home care, which equals about 40 hours of care each week, is approximately $45,000. In some states, that figure may be higher while in others it may be somewhat lower.
What about for nursing home care? If you live in Alaska, for example, you can expect to pay over $300,000 annually for nursing home care. That number is often stunning and staggering to most people. It would likely financially devastate the majority of families in the United States. Of course, not all states have nursing home care costs that even come close to that, but still, what if you had to pay $80,000 a year, the national average?
Could you do it? Maybe for a year or two, but what if you or your spouse had a stroke or were involved in a serious car accident? You see, you don’t know what the future may hold, but you can temper some of the expenses that long-term care can impose on you by considering insurance now.
Being that November is National Long-Term Care Awareness Month, this is the perfect time to begin looking into it and perhaps starting a policy if you are in your late 40’s or early to mid 50’s.
If you or a loved-one are considering Long-Term Care Insurance Premiums in San Diego 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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