Long-Term Care Insurance for When You Love Your Spouse & Understand the Importance of Financial Planning

By Steve Elliott | February 1, 2022 | Comments Off on Long-Term Care Insurance for When You Love Your Spouse & Understand the Importance of Financial Planning

Valentine’s Day is just around the corner and for people in their 40’s, 50’s, or 60’s, you may be looking to get some flowers, a card, chocolates, or maybe even jewelry as a token of your love and affection. If you consider long-term care insurance, that could be a gift that gives back many years from now, especially for people who are now in their 50’s or early 60’s.

How could long-term care insurance be a Valentine’s Day gift?

Long-Term Care Insurance Carlsbad CA - Long-Term Care Insurance for When You Love Your Spouse & Understand the Importance of Financial Planning

Long-Term Care Insurance Carlsbad CA – Long-Term Care Insurance for When You Love Your Spouse & Understand the Importance of Financial Planning

It’s not specifically about Valentine’s Day, per se, but rather about the love you have for your spouse, partner, or other dependent. You see, you may not think it right now, but you or your spouse may, at some point in the future, require long-term care.

You may not have any family history of serious health issues that would warrant this concern, but accidents, cancer, stroke, heart attack, aneurysm, vision related problems, and so much more (the list really is long) can lead to a person requiring short-term and long-term care.

Most quality health insurance policies only provide coverage for short-term care. That’s when many people assume Medicare or Medicaid is going to cover long-term care expenses, but they don’t realize an individual has to use up almost all their available assets, including the equity in their home, before the federal government will cover those expenses.

Plus, Medicaid is only going to cover nursing home care, in most cases. That may change in the future, but right now, that is the primary coverage option.

How would the future look if you required long-term care?

Imagine you faced a serious health issue. Perhaps you are involved in an automobile accident when you’re in your late 60s and are seriously injured. After a few weeks, the prognosis comes back that you may be able to return to close to full mobility, but it’s going to be a long and difficult road with plenty of physical therapy and nursing care needed along the way.

You might spend a couple of months in a nursing home, but then return home where you continue to recover and heal, but you need regular, ongoing support and assistance to help you get out of bed, go to the bathroom, take a shower, move around, and so forth.

Is your spouse going to be able to physically handle that kind of responsibility? Most of the time, you might consider senior home care as an option. You might even be better served at an assisted living community, even if it’s only for a few months. Do you know how much that would cost?

How will you cover the costs of care?

Since your primary health insurance isn’t going to cover this and you don’t want to consider Medicaid because you still have investments, savings, and equity in your house, how will you cover those expenses?

You’d have to pay for that out-of-pocket, which would erode the savings and retirement plans you had with your spouse or partner. How will they cope in the future? Too many people outlive their retirement savings and investments precisely because of long-term healthcare costs.

If you have long-term care insurance, it’s an act of love so that you and your best friend in this life, your spouse, is taken care of if either one of you requires long-term care.

If you or a loved-one are considering Long-Term Care Insurance in Carlsbad 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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