Your Golden Years might be right around the corner or still a decade or more away. You have been saving for retirement (or at least trying your best to). No matter how financially sound and set you are, would you be able to cover long-term care expenses in the event you, your spouse, or another dependent required it?
Many people assume Medicaid will cover these expenses.
The current official retirement age, as far as Social Security and Medicaid benefits are concerned, is 67. Many analysts and experts expect this age requirement to increase not long from now, possibly to 68 or 69. Some even believe official retirement age at 70 or 71 is a real possibility within the next decade or decade and a half.
Once you reach that official retirement age, you may be eligible to apply for Medicare and Medicaid coverage for health care and other services. If you haven’t really given much thought to the possible need for long-term care, you may just assume Medicaid would cover it.
You would assume wrong.
If you had to spend a significant amount of time on a nursing home, who would pay for it? If you have a house with significant equity or even completely paid off by then, savings, a retirement portfolio, and other assets, Medicaid would require that you use those up before it would cover any of those long-term care expenses.
That’s why you need some type of coverage.
You need an insurance. Long-term care insurance is ideal for those like you who are looking to the retirement, planning on it, saving for it, and want to protect their investments to enjoy their Golden Years.
Long-term care insurance (depending on the policy and what you choose for coverage) might cover three years of long-term care, for example. If you or your spouse (dependent) required a year and a half in a nursing home following a stroke, for example, and then another year of in-home care services from a visiting nurse and/or aide, do you know how much that might cost you?
If you live in Alaska, you’re looking at over half a million dollars right away. If you live in other parts of the country, you’re also looking at over $100,000 in expenses.
Don’t assume Medicaid will cover these expenses, especially if you have a house, savings, and other assets. Rely on long-term care insurance to help protect you, your family, and your savings into the future. This would be the time to get a long-term care insurance quote.
If you or a loved-one are considering Long-Term Care Insurance Quote 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.
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