You work most of your life to raise a family, plan for your future, and enjoy retirement. Then, when you finally get there, to “retirement,” you think everything is going to be great. Maybe you get a little lonely or frustrated with no work routines to follow, but you get over it. Pretty quick. Then, something happens. Either you or your spouse or partner have a medical emergency. It could be a stroke, heart attack, aneurysm, cancer, or one of the dozens of possible situations and you require long-term care. Long-term care can encapsulate many things, including in-home care, nursing home support, assisted living, and the list goes on and on. Could your long-term care insurance premiums for a policy cover those costs?
You assumed insurance would cover these expenses.
Like most Americans, you operated under the false assumption that your insurance provider or Medicaid would cover long-term care expenses. They don’t. Medicaid only covers one type of elder care, most commonly nursing home care, but only after you’ve exhausted your savings and assets.
Savings and assets?
Yes, your savings and investments, and even the equity you may have in your primary residence would all need to be used before Medicaid covers those expenses, in most cases.
For most people, their primary health insurance policy doesn’t cover long-term care expenses. Short-term, but not long-term.
Before you realize it, you’re using up all your savings and assets, everything you worked your entire life to enjoy during retirement, and then you realize you may have to return to work. Or your spouse or partner will have to. Or you will become dependent on your adult children, grandchildren, or the charity of others.
Is every senior going to require long-term care?
No, of course not. However, when you reach 65 these days, there’s a much greater likelihood you will live beyond 80 than at any other time in history. That means you will probably face more serious health challenges as you move through your 70s, many of which will lead to long-term care needs.
Could paying long-term care insurance premiums help protect your money?
Long-term care insurance. If you’ve never considered a long-term care insurance policy because you didn’t realize it existed or never thought it mattered to you, think again. If you’ve been saving for retirement, investing in a 401(k), other stocks or bonds, or investment opportunities, or have been building your savings account for years, now is the time to consider a long-term care insurance policy.
If you have something to lose, you have something to protect. Yes, it’s true that you may never need to rely on long-term care, but as seniors over 65 live longer, and as more seniors are retiring now because of the baby boomer generation, the demand for long-term care is increasing.
With an increase in demand comes an increase in costs. As long-term care costs rise, it becomes that much more important to protect what you worked your entire life to enjoy in retirement. Don’t let another day slip by without at least considering long-term care insurance premiums for a policy.
If you or a loved one are considering Long-Term Care Insurance Premiums in Carlsbad 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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