How Does Long-Term Care Insurance Help Protect Your Future?

By Steve Elliott | April 3, 2024 | Comments Off on How Does Long-Term Care Insurance Help Protect Your Future?

People who plan for retirement are often diligent in understanding their pension, investments, and savings, and anticipate general inflation. They take great pains to ensure that they have the quality of life they want with the financial security they desire when they reach those retirement years. Unfortunately, not enough Americans are focused on long-term care needs. They just assume they are not going to require it, but would you be surprised to learn that once you reach 65, there is a 50 percent chance you are going to require some type of long-term care in the future and you should consult long-term care insurance companies for information.

Do you know how you will pay for long-term care?

Long-Term Care Insurance Companies San Diego CA - How Does Long-Term Care Insurance Help Protect Your Future?

Long-Term Care Insurance Companies San Diego CA – How Does Long-Term Care Insurance Help Protect Your Future?

Again, most Americans don’t have any clue how they’re going to pay for this. They incorrectly assume that their health insurance policy will cover it or that Medicaid will kick in. They don’t have any idea that most health insurance policies do not cover long-term care expenses or that Medicaid will only start covering those expenses for one type of elder care and only after a person has exhausted all their available savings and assets.

Long-term care insurance will help to protect your assets, your savings, and your investments so you don’t have to tap into those, at least for a long time should you or your spouse or other legal dependent require long-term care in the future.

For example, most states’ Medicaid systems only cover nursing home care, but they only cover those expenses once you have exhausted all of your available savings and assets, which may include the equity in your home. If you have to be in a nursing home for a year and a half, for example, that could cost you several hundred thousand dollars. For most Americans, that would almost obliterate their retirement and savings accounts (especially if there are penalties to draw those funds out early).

Long-term care insurance provides security for your spouse.

You want to make sure you have the financial resources to enjoy your retirement years, but you also want to protect your spouse and your loved one. What happens if you spend the bulk of your savings and assets on long-term care expenses when you are approaching 80, and then pass away? Where will that leave your husband or wife?

Will they have anything left to live on? Will they be able to continue enjoying the kind of quality of life you both envisioned for each of you during those years?

With a quality long-term care insurance policy, you can help to protect your spouse and his or her financial future in the event you require long-term care and then pass first.

It helps to hedge against rising elder care costs.

Everything seems to be increasing in cost these days. Even if inflation comes down to “normal” levels, you have supply and demand economics that places continual pressure on elder care costs.

That means home care, assisted living, and even nursing home care costs are continuing to rise and will do so until you retire. Then they will rise even more.

When you have a good long-term care insurance policy, it helps to protect you and your spouse against these rising costs. When you have a good policy, you can rest assured knowing that your long-term care expenses will be covered (or at least the bulk of them will be) no matter how high they go.

It offers powerful peace of mind.

Perhaps one of the best aspects of long-term care insurance is the peace of mind it offers those who have it. You’ll approach and head into your retirement years, the golden years of life, knowing that you have done everything possible to save, invest, and enjoy your retirement years while also protecting you and your spouse or other legal dependent against the rising cost of long-term care.

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

Steve Elliott
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