Assuming Medicaid Will Cover Long-Term Care Could Be a Costly Mistake
Long-Term Care Cost Rancho Bernando CA
When was the last time you sat down to talk about long-term care? Most people will read that question, narrow their eyes, and realize immediately they’ve never done that. Most people don’t really think much about long-term care, the costs associated with it, or anything else about it unless it’s absolutely necessary.
When will long-term care be necessary?
It might never be, but then again an aging parent, grandparent, or even yourself or spouse might need some type of assistance due to a medical emergency, health issue, injury sustained in a slip and fall accident, or some other event that occurs.
It’s easy to assume Medicaid will cover long-term care costs for seniors, especially those over the age of 65, but that’s not always the case. Medicaid is designed to help support those individuals, especially seniors, who are on a limited income.
If an elderly person has an income from a pension, has assets through a retirement savings or portfolio, or otherwise does not qualify for Medicaid coverage for certain things, especially long-term care, they may quickly run out of money trying to pay for the right type of support and assistance they need, whether it is in the form of home care aides, assisted living, or nursing home care.
What can be done about this?
There are certain insurance policies that cover long-term care. It’s a good idea for people of any age to begin talking with loved ones about this prospect. Having an open and honest conversation about the prospect of needing some type of long-term care can get people thinking about it rather than brushing it under the rug, as is often the case.
It’s akin to talking about life insurance; no one really wants to think about dying unexpectedly or prematurely, but people purchase long-term life insurance policies to help protect their families in the event something does happen to them.
Long-term care insurance is similar in that regard. By taking out an insurance policy that can help cover long-term care, at least to a certain degree, it can pay great dividends for the person who is the beneficiary of the policy. That individual, senior or otherwise, may never require any type of support or assistance at home or long-term care, but it’s nice to know it would be covered, at least to a specific degree, so they wouldn’t have to be so stressed and anxious about the cost of that care, if needed.
If you or a loved-one are considering a Long-Term Care Insurance Cost in Rancho Bernando CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
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