The Tough Conversation: Long-Term Care

By Steve Elliott | October 30, 2017 | Comments Off on The Tough Conversation: Long-Term Care

There are plenty of difficult conversations we need to have with people throughout our lives. It could be about the birds and bees with our children. It might be the ending of a relationship with somebody we’ve been with for years. It could be laying somebody off who has a family, who can’t even imagine what they might do to make ends meet without this income. Another tough conversation that may be necessary for some people to have, especially with a spouse or aging parent, is the possibility long-term care could be required.

Long-Term Care Insurance Rancho Bernando CA - The Tough Conversation: Long-Term Care

Long-Term Care Insurance Rancho Bernando CA – The Tough Conversation: Long-Term Care

What defines long-term care?

Any situation in which a person needs extended support, either at home, in a nursing home, at an assisted living facility, or somewhere else, for months or even years would be considered long-term care.

How much will that cost?

Cost is one of the primary motivators for people to begin discussing this potential scenario. With the cost of long-term care increasing every year, especially with the increased demand from the Baby Boomer generation now retiring and more seniors requiring assistance, anyone who could require many years of support might find themselves burning through their savings and retirement accounts far faster than they ever imagined.

Medicaid will not cover these services unless somebody is basically broke.

The federal government will require people to use up their savings and possibly the equity in their home before it will cover these services, regardless of whether or not a person has an income through Social Security, a pension, or something else.

There are thousands upon thousands of people all across the country who had other plans, but then an accident or medical emergency came up and has completely decimated them financially.

Long-term care insurance can help protect people from these unfortunate situations.

The cost of nursing home care in the United States is, on average, $75,000 per year. In some places it is well over $100,000. Imagine requiring that level of care and support for three, four, or five years. How many people have half a million saved up or even in a retirement portfolio combined with the equity in their house? Very few.

People don’t often want to talk about what if scenarios, but when it comes to finances, retirement, health, and the potential need for support in the future, this is one conversation they really need to consider having for themselves, their family, friends, and others they care about.

A person in their 20’s and 30’s doesn’t need to worry so much about a long-term care insurance policy, but having the conversation can get people thinking about it and that is a great first step in the right direction.

If you or a loved-one are considering Long-Term Care Insurance Rancho Bernando 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
Latest posts by Steve Elliott (see all)
Posted in Long-Term Care Insurance Rancho Bernardo CA, Questions About Long-Term Care Insurance and tagged