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How Much Could It Cost You to Pay for Long-Term Care Out-of-Pocket?

It’s easy to look at one’s medical bills or health insurance premium costs every month and wonder if you’re getting back what you’re paying into it. Insurance is designed to help protect a person over the long-term aspect of life; it’s not meant to be some kind of investment.

Long-Term Care Insurance Companies Carmel Valley CA - How Much Could It Cost You to Pay for Long-Term Care Out-of-Pocket?

Long-Term Care Insurance Companies Carmel Valley CA – How Much Could It Cost You to Pay for Long-Term Care Out-of-Pocket?

When people face certain health issues or emergencies, they could end up in the hospital for days or even weeks. After that, they might require a couple of weeks at a nursing home and then extensive care, physical therapy, and other support once they return home.

The cost of this can be exorbitant. Many insurance providers will cover a certain amount for a set length of time, but what if you require care over the course of three years, for example? How would you pay for it?

The cost can be tremendous.

Most people don’t give long-term care costs much thought. Maybe if they have a parent or grandparent, somebody else in the family who is going through an extended care situation they may have some idea, but for the most part thoughts about long-term care costs rarely come up until it’s absolutely necessary.

If a person has to spend a year in a nursing home, the average cost in the United States is about $85,000. That’s enough to financially devastate a majority of households in the country.

What about longer-term care? What if that individual would need around-the-clock support? They might choose an assisted living facility, but the average cost of that hovers over $75,000 per year.

A full-time home care aide might cost anywhere between $42,000 and $45,000 annually. That covers about 40 hours per week. For a live-in caregiver, the amount can be different.

Long-term care insurance is designed to help people avoid these potentially devastating financial circumstances. A quality long-term care insurance policy should provide financial assistance for various types of long-term care for up to three years.

When should a person begin a long-term care insurance policy?

The sooner, the better. A person in their 30’s might not see the value in starting a long-term care insurance policy, but somebody moving through their 40’s and quickly approaching 50 would do well to consider this type of insurance policy.

If a person waits until they’re 60 or later, not only will the policy likely be higher as a monthly premium, they could be denied by long-term care insurance companies due to health issues or other factors. That’s why it’s best to begin a policy as early as possible.

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

Steve Elliott

Long-Term Care Insurance Specialist at LTC Capstone Insurance
Steve Elliott with Capstone Financial Assurance is a Long Term Care Insurance Specialist

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