It’s easy to assume you know what tomorrow will bring, but none of us can predict the future. We have no idea how we’re going to manage tomorrow, let alone 10 years from now. If you never considered long-term care insurance before, you may be completely unprepared for what could happen.
There are many reasons people depend on long-term care.
It’s not simply the extremely old, frail, and men and women reaching the end of their lives who depend on long-term care. Many younger adults require long-term care to help them recover from accidents and other injuries.
Some people in their 50’s and early 60’s suffer a stroke, a serious heart condition, or could be diagnosed with Alzheimer’s or another type of dementia. Imagine facing one of these unexpected health emergencies and requiring around-the-clock care for three, five, or even more years.
How would that affect your finances?
Most people would readily admit it would be catastrophic. Of course, not many people fully understand or appreciate just how costly long-term care can be. Long term care costs rise with inflation. In the past 30 years, they have increased 2-3% annually. What cost you $75,000 now could cost you $250,000 in 30 years.
Now, that may sound like an extreme example, but many people spend considerable time in a nursing home, and even for just a few months as you begin the recovery process following a stroke, injuries, surgery, or a heart attack, that can be a lot of money.
This is why long-term care insurance is so important.
Just because you assume there’s never going to be a need for long-term care (for you or your spouse, or another dependent) it doesn’t mean that’s going to be the case. People are simply unable to predict what the rest of this day will hold for them, much less five years from now.
There’s a morbid phrase, but an important one to consider, that goes: cemeteries are full of people who had other plans that day. Never make the assumption you will be fine, that you’ll never need long-term care.
When you realize there’s always the possibility of something going wrong while driving to work, with your health, or with somebody you love who is a legal dependent of you, you should consider the value long-term care insurance offers.
It’s not simply about being diligent in protecting your future; it’s about protecting your investments, savings, and your financial future. If you ignore long-term care insurance today, you could pay a hefty financial price some day in the future.
If you or a loved-one are considering Long-Term Care Insurance Companies 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.
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