Do you know if you’ll need long-term care at some point in the future? Most people don’t. In fact, most people never really think about it, especially in their 40s or 50s. They might get a clean bill of health from their doctor, are exercising, staying fit, eating healthy, and doing all the ‘right’ things for their health and body, so why would they ever imagine needing long-term care? Maybe you’ve thought about it and are concerned about long-term care insurance premiums.
The truth is many people who never thought they would ever require long-term care are going to need it at some point in the future. There are many different types of long-term care, including assisted living, nursing home care, independent living environments, and even in-home care.
You may not think you’ll ever require it, but the longer you live, the more likely it’s going to be a prospect. The more you plan for the future, the better prepared you’ll be to face it, even when unexpected circumstances arise.
Here are three steps you might take now to better prepare and plan for the potential of requiring long-term care in the future.
1. Get an insurance policy and find out about long-term care insurance premiums.
Long-term care insurance is valuable, especially if you’re in your late 40s or mid 50s. The longer you wait to begin a long-term care insurance policy, the greater the risk of being denied coverage. You may not see it as being necessary in your 30s or 40s, and that might very well be the case, but still, you have no idea what tomorrow will bring.
You could be involved in an accident on your way home from work that lands you in the hospital for a few weeks and then in a nursing home for six months or more. How much would that cost? Understand, most insurance policies don’t cover long-term care. Medicaid won’t, either, not until you’re of legal retirement age and after you’ve used up all of your available savings and assets.
2. Go through your long-term care options.
Understand the different long-term care options available, including in-home care, assisted living, nursing home, and anything else you may prefer over others. Decide which ones would be optimal in various situations so your spouse, partner, dependents, or others who can speak on your behalf can choose those options if you’re unable to communicate.
3. Discuss the future with your partner or spouse.
If you don’t have a partner or spouse, what about adult children? Close friends? Neighbors you trust? Discuss the future with somebody who can speak on your behalf in the event you’re no longer able to.
You have no idea what tomorrow will bring. None of us do. Yet, that’s not an excuse to go through life randomly. You don’t expect to get injured in a car accident tomorrow, but it could happen. You don’t expect to have a heart attack at 58, but it can happen. You may not expect to be diagnosed with Alzheimer’s or another form of dementia, but it happens.
The more unprepared you are, the more stressful and frightening the future can look for you and those you love. The more prepared you are, though, the more comfortable everyone might be.
If you or a loved one are considering Long-Term Care Insurance Premiums 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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