What a Long-Term Care Insurance Policy Will Cover

By Steve Elliott | March 29, 2022 | Comments Off on What a Long-Term Care Insurance Policy Will Cover

A common question people in their 40s or 50s have when looking into long-term care insurance is what, precisely, it will cover. If you are only just now hearing about the prospect of having long-term care insurance, you may be on the fence regarding whether you need it, at least right now. Talking to a company and getting a long-term care insurance quote can help you with your decision.

Long-Term Care Insurance Quote Encinitas CA - What a Long-Term Care Insurance Policy Will Cover

Long-Term Care Insurance Quote Encinitas CA – What a Long-Term Care Insurance Policy Will Cover

In truth, while the sweet spot (as they say) for carrying a long-term care insurance policy begins in your early to mid-50s, it’s never too early. That’s because just about anything could happen that lands you in the hospital and then requires extensive long-term care.

A medical emergency, unexpected, unplanned surgery, or even being involved in an accident are all common reasons why somebody requires long-term care. Many people discount long-term care expenses simply because they don’t realize their primary health insurance policy isn’t going to cover it, or they assume Medicaid will pay, which it only does under certain circumstances, most notably after you’ve used up all your available assets and savings and it only covers nursing home care in most cases.

If you are in your mid to late 40s, now might very well be a great time to begin a long-term care insurance policy because the cost of the policy is lower the earlier you start. And, often, you can lock in those rates for many years.

Now, as far as what long-term care insurance will cover and a long-term care insurance quote, that all depends on the policy itself, but here are the most common long-term care options people look to.

Home care.

Home care can encompass a lot of different types of support. In some cases, it can refer to companion care at home, which is a person who provides companionship, some assistance with basic tasks of everyday life, and assisting the senior with preparing meals, getting around the house, or even grocery shopping in some cases.

Home health care covers more direct medical needs and is usually provided by a visiting nurse. The cost of these services will vary depending on how much assistance is required and for how long.

Assisted living.

The average cost of assisted living in the United States has exceeded $75,000. In some states, it could be well over $100,000 and for facilities that provide services, such as memory care assisted living, the cost could be even higher.

If you have a family history of dementia, like Alzheimer’s, long-term care insurance can help to offset a significant expense possibly looming in your future.

Nursing home care.

This is the primary focus of Medicaid when it covers long-term expenses. A person who needs significant medical care, especially around-the-clock, will require nursing home care. The average cost of nursing home care in the United States has exceeded $85,000.

In some states, like Alaska, it has already exceeded $300,000. That’s why long-term care insurance can be so valuable.

And these are just a couple of quick examples of what a long-term care insurance policy may cover, depending on the policy itself and any stipulations you discuss with an agent or broker when getting a long-term care insurance quote.

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