Responsible adults have a tendency to save and plan for their future. When people get married, have children, and start raising a family, they consider what might happen if they could no longer provide for their spouse, children, and others depending on them. That’s one reason why many families rely on life insurance policies, either obtained privately or through an employer.
For those who have never considered long-term care insurance, though, they may be overlooking a serious situation. While everyone is fully aware their life will one day come to an end, not many people actually think they would ever require long-term support.
What would happen in 10 years if you could no longer provide?
Let’s say it wasn’t a fatality, but you were involved in a serious automobile accident. You could spend weeks or even months in the hospital, in a coma, before you even regained consciousness. What if, though, you did regain consciousness, but the road to recovery was going to take many, many months (possibly years).
During those initial months you would be moved to a nursing home because of such serious injuries you sustained. Maybe that stay in the nursing home lasted for a year and a half and you went through a battery of physical therapy sessions, hard workouts, and a long, difficult road just to begin the recovery process.
Once you were finally able to return home, with your spouse working multiple jobs just to pick up the slack financially, and your kids off at college or out on their own, there’s no one there to support you. So, you need a home care aide to assist and keep you safe. That might take another year.
Suddenly, you’re talking about nearly 3 years (or more) of long-term care support. If, like so many Americans, you didn’t plan on this, you and your spouse could end up paying for this out-of-pocket. That could cost well over $100,000, more likely approaching $200,000 or more quickly. Add in to that the cost of inflation and you could be looking at a quarter of a million dollars just in those long-term care expenses.
Understanding this scenario now, would you change anything?
Responsible, strong, healthy adults in their mid to late 40’s or 50’s might actually say they would. They might say they will look into long-term care insurance to help supplement the insurance protections they already have.
That would be a wonderful asset because, as most people realize, no one really knows what tomorrow will bring.
If you or a loved-one are considering Long-Term Care Insurance Cost in San Diego CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
Latest posts by Steve Elliott (see all)
- Could You Afford Assisted Living If You Don’t Have Long-Term Care Insurance? - October 14, 2019
- Long-Term Care Insurance Can Actually Help Seniors Remain at Home Longer - October 7, 2019
- Why Do Long-Term Care Insurance Rates Vary So Much? - September 30, 2019