‘Best’ Way to Think About Long-Term Care Insurance Policy in Your 50s

By Steve Elliott | September 18, 2023 | Comments Off on ‘Best’ Way to Think About Long-Term Care Insurance Policy in Your 50s

Are you in your mid-50s now? Perhaps you’re a bit younger or a little older? Well, if you are, then you’re right at the optimal time to begin a long-term care insurance policy and get a long-term care insurance quote. Unfortunately, most people don’t consider insurance as anything but an expense. They certainly wouldn’t consider it to be an investment.

Would any insurance be considered an investment? It’s possible, but not in the traditional, ‘Make me money’ mindset. No, if your primary focus is on it being an opportunity to make money, then it won’t happen. However, if you change your perspective -just a little bit- with regard to certain types of insurance, you may just see it as an investment of a different kind.

Long-term care insurance is about your future.

Long-Term Care Insurance Quote San Marcos CA - ‘Best’ Way to Think About Long-Term Care Insurance Policy in Your 50s

Long-Term Care Insurance Quote San Marcos CA – ‘Best’ Way to Think About Long-Term Care Insurance Policy in Your 50s

Most people will view all insurance the same way: as a protection against future injury, accident, health emergency, or other harm. While that may be true for many different forms, let’s talk about long-term care insurance.

While most of us in our 50s are thinking about work, teenagers about to go off to college, or even new relationships we’ve discovered, we should also be thinking about the future. And we are, aren’t we? Maybe not enough, but if you’re investing in a 401(k), stocks, and savings with the goal of retiring at a specific age, then you’re thinking about it.

What would happen, though, if you are your direct dependent required care for a long time? What would constitute a ‘long time’ with regard to long-term care insurance? More than a few weeks.

You see, most health insurance policies provide coverage for up to a few weeks of direct care, whether it’s in a hospital or nursing home. Beyond that, you could be on the hook for those expenses.

How much does long-term care cost?

That’s a tough question to answer because there are numerous types of elder care available. The most common include nursing home care, assisted living, and in-home care. For that, figuring out the average cost depends on location.

On average, across the entirety of the U.S., you could be looking at $85,000 per year for full-time nursing home care. It might cost $75,000 annually for assisted living. Full-time in-home care might be $50,000. Now, if you live in Alaska, for example, it might be over $300,000 each year for nursing home care.

That often knocks a person’s socks off. They are stunned, as well as they should be, but keep this important tidbit in mind: the cost of elder care (all forms) is only going to increase. Sometimes painfully so.

Once you realize this, you can start to understand why thinking about long-term care insurance is more about protecting what you worked your entire life to save. Medicaid isn’t going to cover most long-term care costs. It may cover nursing home care, but only after you’ve exhausted all your savings and assets.

So, when you start a long-term care insurance policy, you’re investing in protecting your future assets, retirement savings, and more. When you think of it that way, it’s easier to realize how vital it can be.

If you or a loved one are considering Long-Term Care Insurance Quote in San Marcos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today at (858) 350-3161.

Steve Elliott
Latest posts by Steve Elliott (see all)
Posted in Long-Term Care Insurance Quote and tagged ,