5 Basic Facts to Know About Long-Term Care Insurance

By Steve Elliott | December 27, 2016 | Comments Off on 5 Basic Facts to Know About Long-Term Care Insurance

Long-Term Care Insurance Cost San Marcos CA

Long-Term Care Insurance Cost San Marcos CAHow much do you know about long-term care insurance? If you’re like most people, you may be surprised to learn that there is an insurance that could help pay for long-term care.

Below are five basic facts you should know about this important type of insurance before dismissing it all together. It’s easy to assume you or somebody in your family will never require long-term care, but in the event they do (and more and more people every year are falling into this category), it can cost tens if not hundreds of thousands of dollars every year.

Basic Fact #1: Half of all claims paid for home care.

In recent years, half of all long-term insurance care claims paid out for home care services. More and more people prefer to remain in the comfort of their home and ‘age in place’ these days.

A quarter of all long-term care claims went to nursing home care. While more people prefer to remain at home, it can still be a costly situation. In fact, when you calculate in the cost of home care services, full-time care, not even including around-the-clock care, can cost about $42,000 per year. Add that over several years and you begin to realize how valuable long-term care insurance is.

Basic Fact #2: Alzheimer’s is a leading reason for long-term care insurance.

While most people don’t think there ever going to need long-term care, an accident, health emergency such as a stroke, or some other situation can arise at any given time unexpectedly.

However, Alzheimer’s is the number one reason why people rely on long-term care insurance. If you or someone else in your family is at an increased risk of developing Alzheimer’s or some other form of dementia, long-term care insurance can be critical.

Basic Fact #3: The amount paid out can be tremendous.

At the moment, the longest open long-term care claim paid out $1.5 million over 14 years. The recipient of those funds for that assistance paid $2,500 into it. You can see how quickly this insurance can pay out.

Basic Fact #4: Women are a key demographic.

85 percent of women over the age of 85 will be living alone. If they require any type of assistance, they will need home care support services, nursing home care, or some other professional, experienced caregiver. That type of care can cost, especially if they live well into their 90s.

Basic Fact #5: The long-term care insurance industry paid out billions.

In 2010, there were over 200,000 claims for long-term care insurance. All those claims together paid out $6.1 billion. That is only going to increase in the future.

If you’re set to pay out a tremendous amount of money from your own pocket, then ignore this. If you’re concerned about the cost of long-term care, consider insurance to help protect you, your family, and your assets.

If you or a loved-one are considering Long-Term Care Insurance Cost in San Marcos 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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