Things to Consider About Long-Term Care
For many people, insurance is usually something they reluctantly and possibly even grudgingly accept as a part of modern life. Anyone who owns a vehicle is required, by law, to carry at least minimal liability coverage and federal law mandates each person have at least some level of health insurance for themselves and their family.
Long-Term Care Insurance Rancho Penasquitos CA – Things to Consider About Long-Term Care
When it comes to long-term care, there is insurance available to help people protect their savings, assets, and even retirement funds in the event they require some type of extended care and support, either at home, in a nursing home facility, at assisted living, or in some other venue.
Not enough people, however, consider the cost of long-term care.
That’s because the vast majority of Americans have this unhealthy assumption they will remain fit, able to care for themselves, and have no need for long-term care in the future. Yet, as more Americans reach retirement age there is an increase in demand for these long-term care services.
Basic economics stipulates that when demand for various products or services increases, so does the cost. Combined with inflation, which is expected to rise in the next few years, the cost of any type of long-term care will likely increase significantly.
That means what may cost an average of $85,000 per year for nursing home care may suddenly increase by thousands upon thousands of dollars.
In 20 or 30 years, the cost of this level of direct medical care or support could far exceed the six digit figure. For most people, that would completely wipe them out financially within two or three years. That’s why long-term care insurance is so important to consider, especially earlier in life, when it is far more affordable with lower monthly premiums, on average, for somebody in their 40’s compared to somebody in their 60’s.
How to get people thinking about long-term care insurance.
Many people focus on the basics of their retirement portfolio. They invest in a 401(k), stocks, CDs, bonds, and even set aside money in a savings account. They may also carry life insurance, accidental death and dismemberment, and other types of insurance, but if there is a possibility, which there is for almost everyone, that a medical emergency, accident, or other circumstance arises that leads them to require long-term care, this type of insurance could protect all of that savings and investment they worked so hard throughout their life to build.
If you or a loved-one are considering Long-Term Care Insurance in Rancho Penasquitos 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
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