People often have a number of questions involving insurance, including for long-term care insurance. The number one pressing issue they want to know is: is it worth it? That’s a question that cannot be answered in a simple article and it depends on a number of factors.
For some people, long-term care insurance may not be practical because of age, health issues, and other factors. For others, though, it could be an instrumental insurance coverage that protects the retirement savings and investments.
Consider your age and fiscal health right now.
If you’re in your 30’s or early to mid 40’s and don’t have considerable savings at the moment, then long-term care insurance is probably not an ideal situation for you and your family. If you’re in your mid to late 50’s, however, and have considerable retirement investments and savings, perhaps a number of properties you hold, and so forth, what’s going to happen (or could happen) in the event you or your spouse needs long-term care in the not-too-distant future?
How are you going to pay for that? Most people simply don’t realize just how expensive long-term care can be. In fact, many people are completely stunned to realize that long-term care in a nursing home could easily exceed $100,000 annually. In some states, like Alaska, the average cost of nursing home care exceeds $350,000 per year.
How quickly could that deplete your retirement accounts and force you to sell other properties and assets? Keep in mind that Medicaid is only going to provide reimbursement for these types of long-term care needs once all assets and savings are used up first.
The best thing you can do right now is learn everything you can about long-term care insurance.
A good starting point for that is to learn whatever you can about long-term care. Don’t just consider the cost of nursing home care and whether or not Medicaid will cover those expenses. You have to be considered living in or close to poverty before Medicaid would even begin covering these long-term care expenses.
Instead, learn about home care, assisted living, and other types of long-term care. Find out the value they offer, the benefits they can provide, even the average cost of each.
The more information you have at your disposal, if you’re in your 50’s or early 60’s, you may very well realize just how valuable long-term care insurance can be. So, is it worth it? Absolutely.
If you or a loved-one are considering Long-Term Care Insurance 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.
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
Latest posts by Steve Elliott (see all)
- With the Cost of All Long-Term Care Rising, It Makes Sense for Older Americans to Have Insurance - December 9, 2019
- Long-Term Care Insurance Won’t Help Someone Who Refuses Support - December 2, 2019
- The Point of Long-Term Care Insurance - November 25, 2019