Why Assume You Won’t Need Long-Term Care Insurance?

By Steve Elliott | September 27, 2021 | Comments Off on Why Assume You Won’t Need Long-Term Care Insurance?

Let’s start right out with a key question: can you predict tomorrow? Most people can have a pretty good idea of what tomorrow will look like, based on their plans, hopes, and aspirations, but at the same time most people will readily admit that no, they can’t possibly know what will happen tomorrow. If you can’t predict what will happen tomorrow (but rather what you hope will happen), how can you possibly think you won’t ever need long-term care at some point in your future and that you shouldn’t have long-term care insurance?

What does it mean to require long-term care?

Long-Term Care Insurance Carlsbad CA - Why Assume You Won’t Need Long-Term Care Insurance?

Long-Term Care Insurance Carlsbad CA – Why Assume You Won’t Need Long-Term Care Insurance?

You might be in your 30’s, 40’s, or 50’s right now. Maybe you have never spent any time in the hospital. You never required surgery. Never broke of major bone in your body. Never suffered a serious health issue. That’s wonderful.

While we most certainly hope that continues, it may not always be the case. As people age, their health declines. Just as muscle strength will decline, so too will one’s health, immunity, and other factors which can increase the risk of some serious health issues.

If you required a lengthy stay in a nursing home, such as several weeks or a few months, had to spend numerous months in recovery at home with companion care at home, that would be considered long-term care.

Wouldn’t your primary health insurance provider cover it?

No. Well, we can’t say no absolutely, because there are some health insurance policies that may cover at least some long-term care expenses. However, the majority of them will not.

They may cover short-term care. This might be a few weeks or, at best maybe one or two months in a nursing home. After that, you may be required to pay for this out-of-pocket.

What about Medicaid?

Medicaid, after you are at least 67 years of age, is only going to cover long-term care expenses after you have used up all your available assets and most of your savings. The rest is up to you.

How much could long-term care expenses be and wouldn’t it be better to have long-term care insurance?

We are in a period of hyperinflation, meaning the cost of everything is rising rapidly. Some estimates put inflation at over 5% right now. At the moment, the average cost of nursing home care in the United States is about $85,000. If you live in Alaska, you could be looking at $300,000 or more, and that’s just right now.

If you are in your 30’s, 40’s, or 50’s, most likely you are not going to be seeing those estimates for much longer. By the time you reach retirement age, the average cost of nursing home care in the US could be well over $125,000.

Can you afford that? Maybe you have invested and saved wisely throughout your career. You may have a net worth of $1.7 million, for example, and paying for nursing home care for one year in Alaska isn’t going to devastate you.

What if that long-term care goes on for years and years? What if you or your spouse need to spend time at assisted living for five years? Or a nursing home for five or even 10 years because of Alzheimer’s or some other serious health issue?

If you can’t predict what will happen tomorrow, you have no idea what could happen 10, 20, or even 30 years from now. That’s why long-term care insurance is so valuable.

If you or a loved-one are considering Long-Term Care Insurance in Carlsbad 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 and tagged ,