What Could You Use Long-Term Care Insurance Benefits For?

By Steve Elliott | June 12, 2023 | Comments Off on What Could You Use Long-Term Care Insurance Benefits For?

Long-term care insurance is a valuable asset for people of advancing years that could help them pay for some type of long-term care. Getting a long-term care insurance quote and more information would be helpful to make a good decision. There are different types of long-term care available, with the most common being assisted living, nursing home care, and in-home care.

Most people would immediately prefer in-home care. That’s because they want to remain home for the rest of their life, if at all possible. Depending on the situation, though, it may not be possible. However, just because you may want to be home rather than at a nursing home doesn’t mean it’s going to be cheap.

With inflation and other financial pressures, including supply and demand, the cost of long-term care is rising. Fast. Did you know it could cost several hundred thousand dollars for just one year at a nursing home in some states? That could financially wipe out many people. That’s why it’s important that when you are in your early to mid-50s you begin looking at beginning a long-term care insurance policy.

Now, what could you use long-term care insurance benefits for? Let’s take a quick look.

In-home care.

As mentioned, most people would prefer to remain home for the rest of their life, even if they needed assistance. Experienced in-home care agencies are set up to provide that level of care at the most affordable rates around.

Yes, there are different types of elder care out there, but in-home care tends to be the most affordable. However, full-time care could cost you $50,000 or more for one year. If you need more intensive care, direct nursing care, or around-the-clock care, those costs could be even higher.

Assisted living.

For those who can no longer remain home for one reason or another, whose family may not be able to support them or check in on them, or for whom in-home care is not a viable option, assisted living is the next best choice. Assisted living can be expensive, though.

A high-quality assisted living community can cost an aging senior $75,000 or more, depending on where they live, the socioeconomic factors of that region, and the options available.

Nursing homes.

Most people would not want to be at a nursing home for the golden years of their life, but if they have significant health issues to deal with, they may not have a choice. A nursing home is designed to help aging men and women who have significant health issues to deal with on a regular basis.

Nursing homes are — in most states — the only elder care option that Medicaid covers for those who can’t afford long-term care on their own. So, somebody who may need significant support and assistance in their later years might not have the option but to go to a nursing home because of their financial situation.

Having long-term care insurance could help you or somebody you care about avoids having no options and be able to choose where they spend several months or a couple of years as they deal with support for long-term care.

If you or a loved one are considering Long-Term Care Insurance Quote in Encinitas CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today at (858) 350-3161.

Steve Elliott
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