How much would it cost you and your family right now to pay for nursing home care for a year? Do you have any idea? Most people don’t. You may have some general concept or notion that nursing homes are expensive, but beyond that, you have no clue.
In fact, a majority of Americans simply assume the federal government pays for nursing home care for most people. After all, once you hit 65, Medicare and Medicaid are available for health care and other expenses, right?
Yes and no. Medicare is there for eligible individuals who need health insurance coverage once they are 65 or over. However, contrary to popular opinion and belief, Medicaid is not going to cover long-term care expenses for somebody until they utilize all of their available assets first.
That means, you might have to sell your house to pay for it.
Unless you take proper steps to protect your investments and assets, if you are anticipating Medicaid will cover nursing home or other long-term care expenses in the event you might need it sometime in the future, think again.
Insurance, including Medicare and Medicaid, will only cover a few weeks (a short-term stay) of a hospital or nursing home stay. After that, it’s up to you, the individual or family to cover those expenses.
So, if you or somebody dependent on you (your spouse, for example) had to spend a year in a nursing home recovering from a stroke, heart attack, accident, or something else, how much would that cost you?
The average cost in the United States is currently $85,000.
Some states are more affordable when it comes to nursing home care. They might have an average expense of $55,000 or $65,000. However, other states like Alaska are already well over $300,000 per year for nursing home care.
Most people would find that unsustainable. When you consider the fact that 78 percent of full-time working adults in the United States are living paycheck to paycheck and fewer than 50 percent could afford a $1,000 emergency expense (CNBC), you realize how dire the situation is financially.
If you couldn’t afford long-term care for you or your dependent, and you are focused on building up savings and investments for retirement, you owe it to yourself to consider long-term care insurance.
This is a valuable insurance that can protect your assets and savings in the future. Is it a guarantee that somebody in your family will require long-term care? No, but there’s no guarantee they won’t, either.
Speak to an experienced broker or agent about long-term care insurance now and get a quote.
If you or a loved-one are considering Long-Term Care Insurance Quote in Oceanside 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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