It’s not easy to anticipate the future. There are plenty of things we can do individually that can help protect ourselves and our family, but not everything. As you get older, with your spouse, partner, or significant other looking toward the future, it’s time to consider the prospect of long-term care and look into a long-term care insurance policy along with their long-term care insurance premiums.
Long-term care insurance is a valuable asset, especially for people in their early to mid 50s (at least to begin a policy). If you wait too long and have a family history of serious health issues like Alzheimer’s, heart disease, cancer, or something else, you could find a policy cost prohibitive or even be denied the opportunity to carry one at all.
Most people don’t think about requiring any type of long-term care, not when they’re in their 30s, 40s, 50s, or even their 60s. They see that as reserved for people in the late 70s, 80s, or 90s who are facing increasing health challenges with age.
In reality, long-term care could be for anyone, at any time. You could be involved in an automobile accident tomorrow or tumble down the steps at work and land in a coma, perhaps for several weeks or months and then another many months or years just trying to recover.
How would you pay for long-term care?
Many people have the wrong idea about what health insurance would cover. They also make inaccurate assumptions that Medicaid would pay for those expenses. In most cases, health insurance is only going to cover short-term care. Medicaid won’t cover most types of long-term care in most states, but for the one it does — often it is just nursing home care — it only covers those expenses after the patient has used up all their available assets — which can include the equity in their home (if they own one).
Having this realization hit people, they are often surprised and begin wondering how they can protect themselves and their loved ones in the future.
May is Family Wellness Month and those who are concerned about the welfare of their spouse or other family members in the future, owe it to themselves and everyone they love to at least consider a long-term care insurance policy.
What can a long-term care insurance policy cover and what may long-term care insurance premiums be?
That depends on the policy and the carrier, of course, but for the most part, these policies cover long-term care expenses for up to three years. They won’t pay immediately, so you or your family would have to cover those expenses for a few weeks or a couple of months, depending on the policy, but then the insurance begins covering it for up to three years.
Long-term care could include home care, assisted living, nursing home, and other types of senior care.
If paying several hundred thousand dollars out-of-pocket could completely wipe you and your family out financially, it’s time to consider long-term care insurance and look into what long-term care insurance premiums would be. If you’re in your 40s or early to mid 50s, now is the time to consider a policy. If you wait too long, it may no longer be affordable for you and the long-term care insurance premiums would be higher.