When you went to buy automobile insurance on your own for the first time, did you know very much about it? Most people don’t. That’s because automotive insurance is a requirement by law in every state throughout the country if you have a registered vehicle on the roads. You can’t even legally register a car without proof of insurance. Most people simply go and grab a policy and often search for the cheapest one, but they fail to realize just what it covers or does not cover.
When you’re talking about long-term care insurance, you can certainly purchase a policy to protect you, somebody in your family, or even help a friend, but how much should you really know about this type of insurance before making and commitment?
First and foremost, it’s important to realize the value of this type of insurance.
Many people underestimate the value of long-term care insurance. That’s because they don’t think they’ll ever need long-term care for themselves or, if that time comes somewhere in the future, they’ll be financially able to handle the cost.
Some even believe that Medicare or Medicaid will pay for all long-term care costs when they’re 65 or over. In reality, most people will not qualify for Medicaid reimbursement or coverage for any type of long-term care.
What should you know about long-term care insurance?
One of the first things to focus on rather than cost is what the long-term care insurance policy will cover. You may not have any idea what type of long-term care will be required in the future (such as home care, assisted living, nursing home care, etc.), so you want to make sure the policy will provide financial coverage for as many of these options as possible.
Another thing to focus on is how long the policy will pay out for. For example, if you suffer a stroke 20 years from now and are hospitalized for several weeks, you may be discharged to a nursing home for a few months to begin physical therapy and so nurses and doctors can monitor your vital stats. Most regular insurance policies and Medicaid will only provide coverage for a set number of weeks.
A quality long-term care insurance policy, on the other hand, might pay out for three years.
Also, understand what the policy will cost if you start now compared to if you waited 10 or 20 years. Getting a quote will show the differnces. You’ll most likely see the monthly premiums are significantly lower the earlier you begin a policy and, since you don’t know what tomorrow will bring, it’s a good way to protect your financial savings and family now.
If you or a loved-one are considering Long-Term Care Insurance Quote in San Marcos 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