If You’re Considered ‘Not Rich,’ Is Long-Term Care Insurance ‘Worth It?’

By Steve Elliott | October 9, 2017 | Comments Off on If You’re Considered ‘Not Rich,’ Is Long-Term Care Insurance ‘Worth It?’

When a person doesn’t have a lot of money, they may not consider what is often thought of as ‘voluntary’ insurance policies. They might not consider life insurance. They may not think about renter’s insurance. And they may never consider long-term care insurance.

Long-Term Care Insurance Companies Encinitas CA - If You’re Considered ‘Not Rich,’ Is Long-Term Care Insurance ‘Worth It?’

Long-Term Care Insurance Companies Encinitas CA – If You’re Considered ‘Not Rich,’ Is Long-Term Care Insurance ‘Worth It?’

While the government continues to change the threshold values for how much a person can make and what kind of assets they could have on hand to be considered poor, if a person is considered to be living in poverty, then they will likely have access to Medicare and Medicaid support for healthcare and other services.

For these individuals, long-term care insurance may not be of interest.

There are plenty of insurance companies, brokers, and agents who advocate people from all walks of life consider a wide range of insurance policies, but it’s not always practical to do so. In the case of somebody who does not have a lot of income, such as a person in their 60’s who is living on Social Security disability or a pension that barely is enough to cover their basic living expenses, even if they could manage to scrape out enough money every month to pay for a long-term care insurance policy, it’s not going to be practical.

That’s because in the event they need some type of long-term care, they may be able to receive that support paid for by Medicare or Medicaid services. In many situations, Medicaid is only going to offer reimbursement for a specific length of time, such as a couple of months for those recovering following a hospital stay. If somebody will require extended care, whether it’s at home, in a nursing home, or some other facility, then they might have to pay for it out-of-pocket, at least until all of their savings has been depleted.

For somebody living in poverty, they won’t have much in the way of savings. Even if they own their own home, a reverse mortgage or some other option may be considered to help pay for these services.

If somebody’s considered poor and is considered a senior, then Medicare or Medicaid may cover long-term care of some kind or another. That’s why it may not be practical for those barely making ends meet to even consider long-term care insurance. A person who is not quite sure should find out whether they would qualify for reimbursement from the government for long-term care in the event it’s required, now, at a specific age, or a decade or so into the future.

If you or a loved-one are considering Long-Term Care Insurance Companies Encinitas 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
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