The new year is just about here and for older Americans, people moving through their 50’s and early 60’s, it’s a time to consider a different form of insurance. Long-term care insurance can be an invaluable asset for aging Americans.
Most people don’t want to think about the prospect of relying on or requiring long-term care in their future, but the older a person is, the odds are greater they might very well need some type of short or long-term support.
What does long-term care insurance offer?
This is one of the most important questions for older Americans to consider and get answers to. Long-term care insurance is a policy that will help pay for long-term care in the future, in the event it’s required.
There are many different types of long-term care a person may depend on. Assisted living, nursing home care, independent living facilities, home care, etc. are all common types of long-term care.
Some of these long-term care facilities can cost a tremendous amount of money. For example, assisted living can be anywhere from $85,000 a year to over $300,000, on average, depending on where you live. Nursing homes can be even more costly than that.
Even full-time home care could cost a person more than $50,000 annually. You may be financially independent and that kind of money, even over 10 years, doesn’t even cause you to blink, but for most Americans it could wipe them out financially.
It could consume all of their life savings, investments, and even their pension. That’s what long-term care insurance aims to protect.
When should you consider a long-term care insurance policy?
If you have investments, a retirement portfolio, and savings, and you’re in your late 40’s or 50’s, this could very well be the ideal time to begin a long-term care insurance policy. Even if you have none of that, but own your home (or anticipate having your mortgage completely paid off by the time you reach retirement), that is also a good reason to consider this type of insurance.
In the event you require long-term care, but are dependent on Social Security in your retirement years and a paltry pension, before Medicaid begins covering these expenses, you will have to sell that home or take out a reverse mortgage to pay for those services.
If you look to the new year with a hope of starting over, doing something different, improving your life, etc., add looking into getting a quote for a long-term care insurance policy into your resolutions. You never know what this new year can bring. You could end up relying on long-term care far sooner than you ever thought possible and this is a great way to protect yourself, your family, and your savings.
If you or a loved-one are considering Long-Term Care Insurance Quote in Carmel Valley CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
- Long-Term Care Insurance Companies Help You Prepare for the Unexpected - July 26, 2021
- Ways Cost of Long-Term Care Insurance Can Change Your Future - July 19, 2021
- Is Long-Term Care Insurance Something Your Loved One Needs? - July 13, 2021