Why Know About Long-Term Care in Your 50s or 60s

By Steve Elliott | February 5, 2024 | Comments Off on Why Know About Long-Term Care in Your 50s or 60s

For people in their 40s, 50s, and even 60s, the topic of long-term care probably rarely comes up. Perhaps, for most of us, we never even think about long-term care unless an aging parent, grandparent, aunt, great uncle, or even a close friend’s family member is dealing with chronic health issues, recovering from a major accident or health emergency, or is facing similar circumstances. Yet, long-term care is a topic more aging Americans need to not just think about, but consider for themselves into the future and get a long-term care insurance quote.

What is long-term care?

Long-Term Care Insurance Quote Carmel Valley CA - Why Know About Long-Term Care in Your 50s or 60s

Long-Term Care Insurance Quote Carmel Valley CA – Why Know About Long-Term Care in Your 50s or 60s

If you ever need regular support and assistance for many common activities of daily living (ADLs), you would need ongoing care. If this extends for a lengthy period, at least more than a few weeks, that would be considered long-term. So, long-term care is essentially the need for ongoing assistance with daily activities for months and possibly even years.

Who is most likely to require long-term care?

The elderly, to put it mildly. While there are plenty of adults and even children who require long-term care because of disabilities, injuries, and medical emergencies that have left them incapacitated, the majority of people who will require long-term care — if they are healthy in their 40s, 50s, and 60s — happen to be elderly men and women.

That doesn’t mean everyone who is in their late 60s, 70s, 80s, or 90s will need long-term care in the future, but the older a person is, the greater the likelihood becomes that they will need some type of long-term care in their future. For example, if you or somebody you know has already passed the threshold of 65, they are closing in on a 70 percent likelihood of requiring some type of long-term care in the future.

Who covers long-term care?

This is one of the biggest errors in judgment that people make; they assume that Medicaid or their primary health insurance provider is going to cover long-term care expenses. In most cases, neither will, at least not straight away.

Most health insurance policies only cover short-term care, which means this type of care for a few weeks, at best. Medicaid only covers one type of long-term care (in most states) and only after the individual has used up all their available savings and assets. Often, this would include the equity in their home, if they own one. That means you may have to take out a reverse mortgage, sell your house, or take on other financial liabilities just to cover long-term care expenses.

What is the right option?

The best alternative to protect yourself and your other legal dependents during your retirement years is to have a long-term care insurance policy. The longer you wait, the greater the risk of being denied, so it’s good to start looking into it in your 40s or 50s, at least.

Find the policy that is right for you, your health, your family history of health issues, and other factors. To do this, speak to an experienced and licensed broker or agent to discuss a long-term care insurance quote, and don’t just fly by the seat of your pants and hope for the best.

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

Steve Elliott
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