The Rising Cost of Care Makes Long-Term Care Insurance More Valuable

By Steve Elliott | December 7, 2020 | Comments Off on The Rising Cost of Care Makes Long-Term Care Insurance More Valuable

How much does assisted living cost today? What about a nursing home? Do you have any idea how much it would cost to hire an in-home health care aide, a visiting nurse for full-time, 40 hours a week care?

Most people don’t have any idea just how much these options cost today. That’s because most people don’t need to think about it. The only time people have a tendency to think about these things is when an aging parent, spouse, or other loved one is suddenly facing the prospect of requiring some type of long-term care.

Long-Term Care Insurance Companies Rancho Penasquitos CA - The Rising Cost of Care Makes Long-Term Care Insurance More Valuable

Long-Term Care Insurance Companies Rancho Penasquitos CA – The Rising Cost of Care Makes Long-Term Care Insurance More Valuable

Because of this, they rarely think about long-term care insurance.

When a person is not faced with the possibility of requiring some type of expense they didn’t count on, it’s easier to ignore. Few people ever think they might require some type of long-term care in the future.

Yet, as people age the risk of needing this type of support and even health care increases with each passing year.

The cost of long-term care continues to increase.

Depending on where you live in the country, an assisted living facility might cost somewhere around $65,000 a year or over $100,000 per year. It depends on numerous factors, including the facility, the type of care they offer, and so on.

The average cost in the United States for a nursing home is $85,000 per year. In Alaska, for example, the average cost is well over $300,000 per year already.

If that doesn’t take your breath away for just a moment, you may have more money than you know what to do with and paying for a nursing home for five years wouldn’t even cause you to bat an eye.

For the rest of us, though, that could completely wipe out our savings and all our investments quickly.

That’s why long-term care insurance is so vital.

Make no mistake about it: at some point in time you or someone you know and love may very well face the prospect of requiring long-term care. Who’s going to pay for it?

If you assume Medicare or Medicaid will cover it, you may not understand this coverage. Before Medicaid will pay for any type of long-term care, most notably a nursing home, that individual will have to have used all their savings and equity in their home.

In other words, they would have to essentially wipe themselves out financially paying for it themselves before the federal government will step in and provide coverage.

Long-term care insurance is designed to help protect people and their savings for their future. As the cost of long-term care continues to increase, the value of long-term care insurance continues to rise. So don’t wait. Look into it now and call our company for a quote.

If you or a loved-one are considering Long-Term Care Insurance Companies in Rancho Penasquitos 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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