REASONS WHY YOU SHOULD SECURE LONG-TERM CARE INSURANCE IN CALIFORNIA

by West Coast Global Insurance West Coast Global Insurance

Long-Term Care Insurance can help you or your loved one when facing chronic health issues that require regular nursing and medical assistance at home or in an assisted living facility. You never know when you will need this type of coverage — but once you or someone you love does, it will be nice to know that this coverage is secured and ready for you when in need.

Long-Term Care costs in California are among the countries highest, so it may be tempting to put off buying this type of coverage until later in life. Unfortunately, doing so could leave you financially vulnerable in an unexpected situation, such as a sudden disability or illness requiring extensive caregiving services over a long period of time.

Whether you live in San Diego, Los Angeles, or any other part of the Golden State, here are some of the most common reasons why you should consider this type of coverage…

YOU CANNOT RELY ON THE GOVERNMENT OR YOUR HEALTH INSURANCE TO COVER THE COST OF LONG-TERM CARE.

When it comes to the cost of custodial care, Medicare only covers the full cost for up to 20 days. It could cover as much as 100 days, depending on your condition — but don’t expect anything more.

The only form of government support you can get is through Medicaid, which provides funding only when you run out of money. In most states, assets under your name cannot exceed $2,000 if you want to enroll in Medicaid. Depending on your family structure, age, and domicile, income and gifting limitations may also apply.

AS YOU BECOME OLDER, THE LIKELIHOOD THAT YOU’LL NEED LONG-TERM CARE INCREASES.

According to the US Department of Health and Human Services, if someone is turning 65 today, they have a 70% chance of needing Long-Term Care. More than 1 in 5 of those individuals will need that care for more than five years. As the US population grows, it is estimated that the number of people using Long-Term Care services in any setting will increase from 1.16 million in 2022 to 27 million by 2050.

If you are female, you have an even higher chance of needing to use Long-Term Care services at some point. Women make up more than 70% of nursing home residents, and that statistic is only growing more common as women tend to live longer than men.

YOU DON’T HAVE THE LUXURY OF WAITING.

It is best to get Long-Term Care Insurance while you are young and healthy, as it can be more expensive to buy it in your later years. Waiting too long to get covered will not only make your premiums higher (as the cost of Long-Term Care itself increases), but it could also mean that you are no longer able to qualify for your insurance.

In other words, waiting too long to secure your coverage could leave you on your own, bearing the cost of long term care in California.

OTHER REASONS TO BUY LONG-TERM CARE INSURANCE

Caring for an aging loved one can put financial and time constraints on your family. Help them avoid those constraints by getting insured.
You can choose where you receive care — in your home, a nursing home, or an assisted living facility. You can even choose hospice care depending on coverage provided.
You benefit from several tax incentives used by state and federal governments.

It is never too late to start planning for the future and securing your well-being. Get your Long-Term Care Insurance quote from West Coast Global Insurance Services today! Visit their website to learn more and to receive an estimate for the best online Long Term Care Insurance today!