Why So Many Americans Underestimate the Cost of Long-Term Care

By Steve Elliott | February 1, 2021 | Comments Off on Why So Many Americans Underestimate the Cost of Long-Term Care

If you don’t know the cost of something, what do you generally do? Maybe you guess. A lot of people make assumptions based on the cost of other products or services, but that doesn’t always lead to accuracy.

When it comes to the cost of long-term care, too many Americans dramatically underestimate just how much it could cost them or their family in the event they or somebody they love needs long-term care.

Want a shocking number?

Long-Term Care Insurance Companies Rancho Bernardo CA - Why So Many Americans Underestimate the Cost of Long-Term Care

Long-Term Care Insurance Companies Rancho Bernardo CA – Why So Many Americans Underestimate the Cost of Long-Term Care

How about over $300,000? Is that shocking enough? If you live in Alaska, that’s what you can expect to pay if you or somebody in your family needs nursing home care for a year.

It’s staggering. Yet, it’s not the only one. There are many places that are incredibly expensive when it comes to any type of long-term care.

And, sadly, too many Americans also assume that Medicaid would cover these costs without them having to contribute anything. Reality is much different.

In most cases, Medicaid is only going to provide coverage for short-term care. If you need long-term care, guess what? You’ll need to use up all of your savings and assets, including the value of your house before Medicaid will even begin covering those other expenses.

What that could do to your retirement.

Millions of Americans discover too late that long-term care costs completely decimate their retirement savings and investments. Within a few short years, the hundreds of thousands of dollars or even more that they saved and worked tirelessly for over 40 years or more can be completely obliterated.

Don’t let that happen to you.

Look into long-term care insurance. This is one of the most affordable and beneficial insurance policies you could hold onto as you move through your 50’s, 60’s, and into your 70’s and 80’s.

The sooner you begin a long-term care insurance policy, the more affordable it will be on a monthly basis. The longer you wait, the more expensive it will likely become, but there’s another factor to consider if you wait too long.

You could be denied long-term care insurance.

Unlike some other types of insurance, you can actually be denied this policy. People in their mid-to-late 60’s, especially with serious health issues already in place and a family history are likely to be denied. That’s not always the case, but even if you are accepted and approved for a policy, the cost could be prohibitive at that point.

That’s why it’s best to begin looking into this and getting information from companies that handle it in your late 40”s or early 50’s. If the cost of long-term care surprises you, just think what it will be as the baby boomer generation continues retire, the elderly population in the United States increases, and the demand for long-term senior care services explodes.

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

Steve Elliott
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