Is Long-Term Care Insurance Going to Cover Nursing Home Cost for a Year?

By Steve Elliott | May 3, 2021 | Comments Off on Is Long-Term Care Insurance Going to Cover Nursing Home Cost for a Year?

Long-term care insurance can be an incredible asset for aging seniors, if they carry this type of insurance policy. That’s because in the event they require some type of long-term care, like nursing home care, they wouldn’t be forced to pay the out-of-pocket cost for it. The benefits of this policy out weigh the long-term care insurance cost.

Long-Term Care Insurance Cost San Diego CA - Is Long-Term Care Insurance Going to Cover Nursing Home Cost for a Year?

Long-Term Care Insurance Cost San Diego CA – Is Long-Term Care Insurance Going to Cover Nursing Home Cost for a Year?

Many people have no idea just how expensive long-term care can be. Some may assume Medicaid is going to cover these expenses, but that’s only going to happen once they use up all of their savings and other assets, which can include the value of a house if they own one.

Let’s say, for example, you might require nursing home care for a year at some point in the future. Imagine paying for that out-of-pocket.

The average cost of nursing home care in the United States is very expensive.

This is about $85,000. In some states, it is a bit less than that, perhaps around $55,000 annually. In other states, though, it could be well over $300,000 annually for nursing home care.

Now, when you realize that all of your available savings and assets would need to be used up first before the federal government begins covering these expenses through Medicaid, how long would you be able to last?

For most seniors, $300,000 in one year could financially devastate them. It might even wipe them out.

That’s why long-term care insurance becomes so important.

So, the main question of this article is whether or not long-term care insurance will cover nursing home care for one year.

That depends on the policy, but most basic long-term care insurance policies will provide coverage for that duration. Keep in mind, though, that there is a period of time, such as one or two months, before the policy will begin paying out.

This is considered a deductible. That doesn’t mean you would have to pay for nursing home care out-of-pocket, because you may have other health insurance that would cover these expenses for a limited period of time. Medicaid may also cover nursing home care after hospitalization for up to a month or two, usually at its limit.

The sooner you begin to pay the cost of a long-term care insurance policy, the more affordable it will be.

In other words, don’t wait. If you wait too long, you could be denied a policy because of your age, health issues, family history of health issues, and so forth.

None of us knows what tomorrow will bring, which is why insurance is so important. Long-term care insurance should be part of your retirement planning package.

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