Why Long-Term Care Insurance Is an Invaluable Asset
Currently, the estimated annual cost of a full-time home care aide is $42,000 in the United States. Assisted living can cost anywhere between $55,000 and $75,000 per year, depending on where a person lives in the US. For nursing home care, $85,000 a year is on the low end of estimates. The cost of long-term care continues to increase, and it outpaces inflation.
Long-Term Care Insurance Premiums Encinitas CA – Why Long-Term Care Insurance Is an Invaluable Asset
What can this mean for people moving forward?
If the cost of long-term care are these figures right now and these expenses are far outpacing inflation, within 10 or even 20 years it could be almost unreasonable for many seniors to even consider a lot of these options. The federal government, through Medicare and Medicaid, can provide some support financially for these long-term care needs, but the senior would have to use up almost all of their income and assets before they would be eligible.
Long-term care can be financially devastating.
Many people don’t even consider the prospect of ever needing a home care aide, visiting nurse, assisted living community, or nursing home in their future. They may have had a grandparent, multiple grandparents, or even parents and other relatives who had relied on these long-term care aspects, but that still doesn’t register as being a realistic possibility for them.
How could you pay for this?
For those who are concerned about the cost of long-term care, insurance is a great option to consider. Not many people are even aware that there is such a policy as long-term care insurance. The earlier a person purchases a policy, the more cost-effective it will be. In other words, the monthly premiums will likely be lower if somebody begins a policy in their late 40’s or early 50’s compared to somebody who waits until they are in their early 60’s to consider this.
Being in good health and having healthy habits can also pay dividends for keeping premiums lower. One question that a lot of people have when contemplating a long-term care insurance policy is what happens in the event they never need it?
Unlike with a life insurance policy, there may come a time when somebody passes away and never needed long-term care of any kind. Because it’s not like a term life insurance policy that will pay cash to the individuals dependents or beneficiaries, it may be seen as a potential waste of money.
Just consider how much it might cost in 10 or 20 years for long-term care, compare that to one’s retirement savings, and most people will quickly realize how valuable it can be moving forward.
If you or a loved-one are considering Long-Term Care Insurance Premiums Enicinitas 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
- How Much Wil Long-Term Care Insurance Cost? - October 29, 2024
- Is It Too Late To Get Long-Term Care Insurance For My Parent? - October 24, 2024
- How Much Does Long-Term Care Insurance Cost? - October 14, 2024