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.