Taking Care of Family and Long-Term Care Insurance Fit Right into Your Plans

May is Family Wellness Month and for somebody like you who has been taking care of the family for most of your adult life, you don’t stop even when your children are grown, off to college, or building their own adult lives. You keep focused because you understand the future remains uncertain. That’s why long-term care insurance is perfect for somebody like you.

Why would you ever need long-term care insurance?

Long-Term Care Insurance Del Mar CA - Taking Care of Family and Long-Term Care Insurance Fit Right into Your Plans

Long-Term Care Insurance Del Mar CA – Taking Care of Family and Long-Term Care Insurance Fit Right into Your Plans

Most people tend to overestimate what their health insurance provider will cover concerning medical expenses. Or, they assume Medicaid is going to pay for their long-term care costs in the event they might need it in their 70s or 80s.

The reality is much different. Most health insurance policies do not cover any type of long-term care. They may cover short-term care for a few weeks, possibly a couple of months, but then you will be on your own.

As far as Medicaid is concerned, currently, you can’t be covered until you reach retirement age, which is 67 (but may increase to 69 or 70 within the next few years). Then, you would have to use up all of your available savings and assets — or at least the majority of those assets, including the equity in your primary home — before Medicaid will even cover any type of long-term care.

On top of that, Medicaid only covers certain types of senior care options, most notably nursing homes. What if you don’t want to spend several months in a nursing home but would prefer to remain in the comfort of your own home with a visiting nurse supporting you?

What if you or your spouse would prefer assisted living over other types of senior care? You will not have that option (as it currently stands) with Medicaid covering those expenses.

When should you begin a policy?

To take the best care of your family sooner is always better than later. While the proverbial sweet spot for starting a policy is in the early to mid-50s, even if you’re in your mid to late 40s, now is the ideal time, especially if there’s a family history of certain health issues, like Alzheimer’s, cancer, or heart disease.

The more family history of serious medical concerns there is for you or your spouse, the sooner you should look into a long-term care insurance policy. The greater your risk or your spouse’s risk of developing any type of serious medical condition, the more important long-term care insurance becomes.

This month, being that it is Family Wellness Month, wellness is not simply about eating right and getting exercise. Those are critical to wellness, yes, but it goes beyond that, too. Emotional and financial wellness are also crucial components in life.

Even though you may never need long-term care, a growing majority of seniors do, especially as they move through their 70s and into their 80s. Now is the perfect time to consider beginning a policy.

If you or a loved one are considering a Long-Term Care Insurance 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.