Without Long-Term Care Insurance, What Alternatives Do You Have for Extended Time Assistance?

By Steve Elliott | April 30, 2018 | Comments Off on Without Long-Term Care Insurance, What Alternatives Do You Have for Extended Time Assistance?

Long-term care insurance could be an invaluable asset for those might never think they’ll need some type of long-term care. While every single one of us is completely aware of our own mortality, still not enough even take out a life insurance policy, at least not when they’re in their 30’s, 40’s, or 50’s. The longer people wait to purchase an insurance policy like this (or long-term care insurance) the more expensive it could become with regard to monthly premiums.

Long-Term Care Insurance Quote Oceanside CA - Without Long-Term Care Insurance, What Alternatives Do You Have for Extended Time Assistance?

Long-Term Care Insurance Quote Oceanside CA – Without Long-Term Care Insurance, What Alternatives Do You Have for Extended Time Assistance?

For those who assume they’ll never need long-term care, in the event they’re injured in an accident, suffer a major medical emergency like a heart attack or stroke, or have some other circumstance arise in their later years, they could find themselves struggling to figure out how to pay for it. They may have to rely on other solutions to make it more affordable.

Some of those solutions are listed below.

A reverse mortgage.

A reverse mortgage has been bandied about in recent decades as a way for aging seniors to afford the things they want to do in later life. The problem with that is the senior would no longer have complete control over their home ownership and, if long-term care costs an average of $75,000 per year, and the average home in the United States costs about $175,000 per year, that would equal less than three years of direct care and support. That’s not enough for long-term care needs in many situations.

Using up their retirement funds.

Before Medicare or Medicaid will kick in, an aging individual needs to use up all of their assets, which can include retirement funds, to pay for any type of direct long-term care themselves. That can be financially devastating.

They might max out credit cards.

For those elderly men and women who have excellent credit, they could find lines of credit equaling $50,000 or more among numerous cards, but those will quickly become maxed out, especially if nursing home care or assisted living is required.

Leaning on family and friends.

More people turn to family and friends for direct physical and emotional support when they struggle with some of these long-term care needs, but that will place undue pressure on those family members and friends, but when this situation goes on for months and years, the level and quality of care may diminish.

The best option, even though it may not seem realistic that one would require long-term care in the future when they’re 40 or 50 is to have an insurance policy that will help protect one’s financial savings and investments against the possibility of drawing against any of these potential scenarios. That would be a long-term care insurance policy. Getting a quote will help you determine what you could afford.

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

Steve Elliott
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