If you are considered middle-aged, what is your health like? You might very well be in ‘excellent health,’ according to your latest physical. April is Physical Wellness Month and it’s a great time to celebrate being in good shape.
However, that doesn’t necessarily mean you’ll always be in great physical condition. It also doesn’t mean that everything is as good as you think or your doctor would like to believe. There are plenty of examples of people who recently passed a physical exam in their 40’s or 50’s or 60’s only to have a heart attack or stroke just a few days later.
The goal isn’t to frighten you, but rather help you realize the importance and value of being diligent in protecting yourself, your family, and your financial future.
You don’t know what tomorrow will bring.
Make no mistake about it, none of us is clairvoyant. No one actually knows what tomorrow is going to bring as far as health, safety, job opportunities, family, and much more.
You could have a great physical checkup from your doctor, feel wonderful, energetic, are working out regularly, and could have a major medical emergency within a few weeks or a couple of months.
You could step outside of your office today and get struck by a car, falling debris, or run over by a person on a bicycle. Any one of those things, including countless others, could leave you in serious trouble, relying on long-term care for months, possibly even years.
Are you ready for these possible circumstances?
You might have a couple of hundred thousand dollars in savings. You might have a million dollars or more in investments. That’s a wonderful starting point, especially as you approach retirement age, but how quickly could that evaporate in the event you require long-term care?
Let’s say, for example, you live in Alaska. The average cost for nursing home care there is over $300,000. In many other states, it is also six digits.
What if you had to spend two years in a nursing home, under direct medical attention and going through grueling physical therapy before you were able to finally transition home where you would then need home health providers for another year or two?
Before you know it, your family could be scrambling after using up all your savings to cover these expenses. Most insurance policies will only cover care for a month or two and then it’s up to you.
Medicare and Medicaid isn’t going to pick up these expenses until you use up all of your available assets first (including the equity in your home). That’s why long-term care insurance is so important, no matter how great your most recent physical checkup was with your doctor.
If you or a loved-one are considering Long-Term Care Insurance in Carmel Valley CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
- Don’t Overlook the Value of Long-Term Care for Your Financial Future - October 4, 2022
- Steps to Better Plan for the Prospect of Long-Term Care - September 27, 2022
- Worries About the Cost of Long-Term Care if Family History of Alzheimer’s - September 19, 2022