Not a lot of people really think much about long-term care in their future. When they are in their 40’s or 50’s, and if they are in perfect health or pretty good health, for that matter, why would the even consider it?
Maybe they witnessed their aging mother or father, grandparent, or even a friend’s parents dealing with long term, chronic health issues, but they don’t see it as something they will have to contend with, at least not for a long time.
Unfortunately, a growing number of seniors, especially as they get older, will have to face the prospect of relying on long-term care at some point in their future. Most people have no idea just how much this could cost.
What are the average costs of long-term care?
That all depends on where you live and the type of long-term care you might need. Full-time in-home care can cost, on average, $55,000 annually. Nursing home costs average $85,000 per year, but if you live in Alaska or some other costlier states, you could be paying $300,000 or more, each and every year for nursing home care.
That’s pretty stunning, isn’t it? And that is precisely what people face when they don’t plan ahead.
Now, let’s talk about what you can do with long-term care insurance.
If you have a quality long-term care insurance policy and you keep it current, the average type of policy will allow you to have access to long-term care for up to three years. There will be a waiting period, of course, such as two or three months before the policy will begin paying out, but it will allow you to choose the type of long-term care you want and need.
If you prefer assisted living over nursing home care, that should certainly be reasonable. If you would rather remain home, you should be able to rely on an in-home care provider.
What can’t you do without a long-term care insurance policy?
You might not be able to protect your savings or assets. Too many people assume Medicaid is going to cover their long-term care needs, if and when they arise, but only after you have used up all of your savings and assets.
That would include your home, if you own a house. In other words, you would have to use up the equity in your home and savings or investments before Medicaid would cover long-term care.
That could financially decimate just about anyone in their Golden Years. That’s why it’s a good idea to look into long-term care insurance and get a quote before it’s too late.
If you or a loved-one are considering Long-Term Care Insurance Quote in San Marcos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
- Best Way to ‘Fit’ Long-Term Care Insurance into a Financial Mix - October 2, 2023
- Can You Use Long-Term Care Insurance for In-Home Care? - September 27, 2023
- ‘Best’ Way to Think About Long-Term Care Insurance Policy in Your 50s - September 18, 2023