At this moment, your elderly mother may not need any type of long-term care, but is that going to be the case six months from now? A year? Five years? None of us knows what tomorrow will bring, much less a year from now. However, too many people rest in this false certainty they aren’t going to face any serious health issues, accidents, injuries, or other situations that may leave them with limited mobility or significant long-term problems.
As such, most people don’t really think much about long-term care. It’s a topic that is often relegated for the extremely sick, the elderly who have reached the very end of their life, or even disabled adults. In truth, the older your mother gets, the greater the chances become that she may need some type of long-term care in the future.
The discussion should focus on whether or not she can afford this.
How would she pay for long-term care, if it was necessary? Some people believe Medicaid will cover it, especially if they’re already covered by Medicare and Medicaid insurance. What they failed to realize is Medicaid will not reimburse for long-term care except in a situation where a person is in a nursing home, but only after that individual has used up all of their assets, which includes their primary residence to pay for it.
Even if your mother needed a nursing home for six months, for example, she would have to pay for a majority of that out-of-pocket. Does she have the savings to cover it? Does she own her house? If so and she doesn’t have savings, she might have to sell the house or take out a reverse mortgage just to cover that long-term expense.
But, what if that went on for two years instead of just six months? What if she needed home care for another year after that? The cost of long-term care continues to increase and most people simply don’t realize how much it could affect them financially.
There’s no better time than now to have this conversation.
While your mother may not be thinking about long-term care or the cost associated with it, you need to bring it up so she can begin realizing that long-term care insurance is an option that could protect her financially in the future.
The older a person is, as they move through their 50’s and 60’s, the more important it becomes to look into long-term care insurance while they might still be eligible to get it.
If you or a loved-one are considering Long-Term Care Insurance Cost in Encinitas 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