What Will Your Life Look Like If You Require Long-Term Care?

Have you ever taken a moment and thought about what your future would look like? Many of us have and though we have difficulty envisioning how it’s actually going to work out and look, we can have a pretty good idea of whether we’ll struggle, enjoy our retirement, or even where we will live.

Long-Term Care Insurance Companies Del Mar CA - What Will Your Life Look Like If You Require Long-Term Care?

Long-Term Care Insurance Companies Del Mar CA – What Will Your Life Look Like If You Require Long-Term Care?

What if though, you needed long-term care?

What is your life going to look like in that type of situation? Will you be dependent on your spouse, adult children, parents, siblings, friends, neighbors, or others for help on a regular basis? Will you be confined to a bed, unable to get around on your own because of mobility challenges?

While those things are challenging to imagine for a younger, stronger, healthier adult, there’s a very real possibility you, your spouse, or somebody dependent on you may require significant care and support on a regular and ongoing basis. Whether it’s for a matter of 6 or 12 months, a couple of years, or for an extended amount of time, that can place incredible burdens on individuals, their time, and their finances.

How much would long-term care cost?

This is really at the heart of the question of this article. How is the financial impact of long-term care going to affect you if/when it may become necessary? You may never require long-term care, but what if you do?

What if you have a health issue or reach an age when your physical strength has declined to the point you simply can’t carry on a number of tasks alone?

Do you have any idea how much long-term care costs right now? Depending on where you look, the average cost of nursing home care can range between $75,000 to over $120,000 per year. Assisted living is not much better. A full-time home care aide can cost well over $45,000 annually.

Could you afford that?

Most people could afford it for a little while, tapping into their savings, cashing out life insurance policies, and converting their investments into liquid cash, but for how long? 78 percent of full-time working adults in the United States are living paycheck to paycheck (CNBC). That doesn’t leave a lot of room for significant savings.

The average individual might burn through their 401(k) in less than a year of nursing home care.

So, let’s ask this again: what will your life look like if you require long-term care 10, 20, or 30 years from now? That’s why long-term care insurance is so important and why it is time to contact long-term care insurance companies to find out what they provide.

If you or a loved-one are considering Long-Term Care Insurance Companies in Del Mar CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.