Your Legacy after You Need Long-Term Care

By Steve Elliott | May 31, 2022 | Comments Off on Your Legacy after You Need Long-Term Care

Most people have no idea how much long-term care costs are today, let alone 10 or 20 years in the future. They can vary significantly from the type of care to location. Looking at long-term care insurance companies for a policy for this care can be helpful in finding out more about this.

Long-Term Care Insurance Companies Encinitas CA - Your Legacy after You Need Long-Term Care

Long-Term Care Insurance Companies Encinitas CA – Your Legacy after You Need Long-Term Care

What do you think your legacy will be? Maybe you plan to leave behind a legacy of a successful businessperson. Perhaps you want your legacy to be a great parent who loved your children, raised them well, and supported your grandchildren.

If you are like many Americans, you want to leave behind more than just a nonverbal legacy, something people only think about. You want to leave behind something financial, a gift to your children, grandchildren, and others who have been important in your life.

An inheritance is what it is often called. Regardless of what your family or other loved ones end up doing with the money, what you leave behind is irrelevant. What becomes relevant is your gift to them.

In this day and age, receiving an inheritance can be a wonderful gift. Some people use it to buy a house. Some use it to put themselves or a child through college. Others invest it and save for the future. Whatever happens with that money, though, what if you work all your life, scrimp and save, invest it wisely, and do everything right, but still have nothing to leave behind to your loved ones?

This can happen when you don’t have the right insurance from long-term care insurance companies.

You might assume a life insurance policy is enough. Depending on the type of insurance policy, you might outlive it or it may only be enough to cover your final expenses. Your family, and your dependents, maybe on the hook for some of your debt, and a quality life insurance policy may be enough to cover it.
That’s not what we’re talking about here, though.

How much could long-term care cost you in the future?

A full-time home care aide could cost you anywhere between $45,000 a year and $55,000 a year (on average) across the country. What about nursing home care? In Alabama, for example, that might be $55,000 or more, depending on the location.

In Alaska, though, you’re talking about well over $300,000 each year if you had to spend significant time in a nursing home. Whether you choose home care or something else, long-term care costs can wipe out your financial legacy quickly.

“But, won’t Medicaid cover these expenses?”

Is that a question you have right now? If you do, you’re not alone. Many Americans would ask this, not having any idea that Medicaid will only cover long-term care expenses after you’ve used up all of your available assets, at least the assets that can be converted into cash, like the equity in a home.

Imagine you reach the end of your life, did everything you could to save and leave something behind, but had to spend it on long-term care costs. What would your legacy be then?

If you want to leave a financial legacy behind, protect it with long-term care insurance.

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