Too often in today’s financial environment people want immediate returns on their investments. They are impatient. They expect that if they invest $1,000 in the stock market, next year it should be worth $5,000. It’s not realistic. It doesn’t work that way. Unfortunately, that is the growing mentality of too many people.
That is one of the primary reasons some people don’t recognize the value long-term care insurance can offer them. They may be working hard, saving money, investing properly, and all focused on their Golden Years, but they don’t see any real value in long-term care insurance, so they ignore it … for now.
What kind of value can long-term care insurance offer?
The most important is protection. You may be working hard, sacrificing time with family to spend on the job, all to save as much money as you can for your retirement, but is that effort and that money being protected?
You may think it is. Forget about the underfunded pensions and overwhelming liabilities that could devastate savings in the next 10 or 15 years; the real threat could involve a serious health emergency that lands you in the hospital.
Many people simply assume their health insurance or even Medicare or Medicaid will cover those expenses, especially if they require some type of long-term care. They are often surprised to realize their health insurance only covers care for a few weeks or, at most, a couple of months. Then they are on their own. Then, they have to pay for it out-of-pocket.
As for Medicare and Medicaid, that will only kick in for long-term care expenses when a person has used up all their available assets. Their primary residence is also considered an asset, so they would have to take out a reverse mortgage or sell it entirely to pay for a nursing home, for example.
Long-term care insurance helps to protect against these unfortunate and increasing risks of some type of long-term care needs.
Insurance isn’t ‘valuable’ until it’s needed.
Most states require drivers to have automobile insurance. You don’t think of that as valuable, do you? Well, the moment you’re involved in an accident and your car is totaled or seriously damaged or you are at fault and now liable for injuries and property damage you caused to somebody else, suddenly that insurance is incredibly valuable.
That’s the way we need to think about long-term care insurance. You may not see it as an investment in your future, but when you can protect your retirement savings from the possibility of long-term care needs, then that is truly valuable.
If you or a loved-one are considering Long-Term Care Insurance Quote in Rancho Bernardo 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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