What Types of Support Will Long-Term Care Insurance Pay For?
Long-term care insurance can be a valuable asset for people who are saving for retirement, have assets like a home, a vacation place, rental properties, and other assets. That’s because before Medicaid will begin paying for any type of long-term care, most commonly nursing home support, an individual must use up all of their basic assets.
By carrying a long-term care insurance policy, an individual or couple can be covered in the event they require some type of long-term care in the future.
Does this mean they will need long-term care?
Long-Term Care Insurance Cost Oceanside CA – What Types of Support Will Long-Term Care Insurance Pay For?
No. A person could be in perfect health in their mid-to-late 50’s, have no family history of serious illnesses or diseases, and assume they will live out their life active to the end, but that’s not always going to be the case. Still, even if they never actually need long-term care, this insurance policy protects them in the event they do.
There could be a number of reasons to require long-term care, including an unexpected medical emergency, major surgery, accidents that result in massive injuries requiring months and months of physical therapy and rehab.
So, when you look for a long-term care insurance policy, what type of long-term care is this going to pay for? It’s an important and common question people ask.
Below are just four types of long-term care these policies may cover.
Assisted living.
The cost of assisted living continues to increase, but so too does the quality of life at these facilities. Not all facilities are the same, but some have fine dining establishments, great entertainment options, activities, transportation, and luxurious rooms.
A long-term care insurance policy will likely cover at least some part of the stay at assisted living.
Home care.
More seniors preferred to remain at home, aging in place, than to be in a facility. Professional home care agencies offer great experience, compassionate caregivers, and wonderful support. A good long-term care insurance policy should cover some of these expenses.
Nursing homes.
Not many people want to be in a nursing home, but if that need arises, and if it goes on for months or even years, that can be an incredible expense. For example, in Alaska the average cost of a nursing home for one year is $325,000 and up.
Just think about how quickly that could deplete your retirement investments, savings, or equity in your house if you had to take out a reverse mortgage to pay for it.
Family caregivers.
In some specific situations, family caregivers could be reimbursed for the support they offer to a spouse, aging parent, or even a disabled adult child. Check with the insurance provider to see what types of long-term care will actually be covered before you commit.
If you or a loved-one are considering Long-Term Care Insurance Cost in Oceanside CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
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