Importance of Long-Term Care Insurance In Roller Coaster Economy

By Steve Elliott | March 7, 2022 | Comments Off on Importance of Long-Term Care Insurance In Roller Coaster Economy

What’s going to happen in the next five, 10, or 15 years in this country economically? If you’re like most people, you assume everything will go along fine and dandy, just as it has for so long now. However, there is a major fiscal crisis barreling down on this country and few people are prepared for it. That’s why it’s so important to consider long-term care insurance. Paying long-term care insurance premiums earlier than retirement age is also important.

What is long-term care insurance?

Long-Term Care Insurance Premiums San Diego CA - Importance of Long-Term Care Insurance In Roller Coaster Economy

Long-Term Care Insurance Premiums San Diego CA – Importance of Long-Term Care Insurance In Roller Coaster Economy

This is a type of insurance that helps provide financial assistance to pay for long-term care in the event you or a dependent requires it in the future. In most cases, this would be a husband and wife or other domestic partnerships, though it could include a disabled adult child or another member of the family, in the event they require some type of long-term care in the future.

A lot of people incorrectly assume that Medicaid would cover these long-term care expenses or that their primary health insurance would cover it. With most private insurance policies, they will only provide coverage for short-term care.

This means a few weeks or, at best, a couple of months. If you needed care for about a year or more, for example, perhaps after you are in a coma, suffered injuries in an accident, had a stroke, or had another major medical emergency, you or your family would have to pay for that long-term care out-of-pocket first.

What about Medicaid for people during their retirement years?

Before Medicaid would cover any type of long-term care expenses, the individual would need to use up all of their available assets and most of their savings. Even if they own a house, they would have to take the equity out of the house and use it to pay for a nursing home, for example, before Medicaid would kick in and begin covering anything.

On top of that, your options are extremely limited to what kind of long-term care you can rely on. In most cases, Medicaid will only provide coverage for nursing home care, not assisted living or in-home care.

Paying long-term care insurance premiums gives you the option of choosing the type of senior care you want.

So, if you wanted home care and required it, and had a decent long-term care insurance policy in place, you would most likely be able to rely on an in-home care aide fully or at least partially paid for by that insurance policy.

Every insurance policy is different so you must speak to a qualified broker or agent who has extensive experience with long-term care insurance.

If you have been putting away for retirement, saving diligently, and planning for the future, don’t count on the government or other pensions, especially public ones because they are woefully underfunded, to the tune of between $91 trillion and $121 trillion, depending on the analysts you listen to.

If that doesn’t wake you up to the reality that we could in a few years, having to pay long-term care out-of-pocket could completely devastate you and your family. Don’t let that happen, not when you know something bad is coming fiscally, whether or not you ever require long-term care in the next five or 10 years yourself.

If you or a loved-one are considering Long-Term Care Insurance Premiums 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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