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How Long Could You Pay for Long-Term Care Out of Pocket? Consider Insurance to Protect Your Assets

If you or somebody in your immediate family (a dependent) was involved in an automobile accident or medical emergency (like a heart attack, stroke, or aneurysm) and required long-term care, how long could you pay for it? You might have a good health insurance policy or be dependent on Medicaid.

Long-Term Care Insurance Cost Rancho Bernardo CA - How Long Could You Pay for Long-Term Care Out of Pocket? Consider Insurance to Protect Your Assets

Long-Term Care Insurance Cost Rancho Bernardo CA – How Long Could You Pay for Long-Term Care Out of Pocket? Consider Insurance to Protect Your Assets

In either one of these cases, there will be a limit on how long the insurance policy will pay for long-term care. In most cases, Medicaid will only cover a few weeks of care and support. So, the question remains: how long could you pay for these services out-of-pocket?

Most people don’t know.

It’s okay if you don’t. Most people are like that; they don’t have a clue how much long-term care costs so they couldn’t measure or determine how long they could actually pay for it.

Right now the average cost of nursing home care in the United States is $85,000 per year. Assisted living is about $75,000. Full-time home care support is about $45,000.

Imagine that person in your family requiring three years to recover. This may seem far-fetched, but many people who are involved in car accidents and are seriously injured as a result take even longer to fully recover. Yes, they may return to some ambulation and mobility before too long (within, say, 6 months), but they might not be able to get to the store themselves, go to the bathroom alone, or even prepare a meal.

Are you prepared to handle those expenses directly?

If not, you need to seriously consider long-term care insurance. Even though you might not think this is a topic you need to consider now, it should be. If you’re saving for retirement, working for your Golden Years, then you need to consider more than just life insurance for your family; you need to consider the impact long-term care costs can and will have.

The cost of long-term care will only increase.

How much it increases is yet to be determined, but odds are it’s going to be significant. The baby boomer generation is retiring and they are placing greater demand on these types of services. Basic economics stipulate that more demand equals higher prices.

If nursing home care is $85,000 this year, on average, in 10 years it might be over $110,000. What about in 20 years? What about 30?

It’s enough to financially wipe out the majority of families in this country right now. Don’t take that chance; look into and consider long-term care insurance.

If you or a loved-one are considering Long-Term Care Insurance Cost in Rancho Bernardo 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