Planning for your financial future should start as early as possible. Unfortunately, in our American culture, very few people actually start right out of college. In fact, most people don’t even start planning for their financial retirement until they are well into the 30’s, 40’s, or 50’s. A lot of people incorrectly assume that they can rely on their pension or Social Security, but both of those are massively underfunded, to the tune of nearly $121 trillion, by some estimates. The earlier you talk with long-term care insurance companies the sooner you will have a better financial picture.
If you have been working at a company that offered a pension, you may very well enjoy the entirety of the pension once you retire. Unfortunately, more and more private and public pensions are being brought to court to reduce their payouts because they have either been underfunded, pilfered, or handled poorly. It is estimated that Social Security will run out of money in the next decade, too.
So, let’s say that you will enjoy at least the majority of your pension and Social Security benefits in 10 or 15 or 20 years from now (that’s a best-case scenario). What happens if you or your spouse or other legal dependent requires long-term care?
Most people assume they will never need long-term care.
This is one of the gravest mistakes anyone can make, especially as you are heading through your 40’s, 50’s, or 60’s. Just because you may not have any serious health issues at the moment and perhaps no significant family history of medical needs, that doesn’t mean you won’t in the future.
It doesn’t mean your spouse or even a future spouse isn’t going to require some type of long-term care. Most health insurance policies are only going to cover short-term care expenses. That usually refers to a few weeks in a hospital or nursing home. What happens after that?
You will be responsible for those long-term care costs yourself.
You might be assuming Medicaid is going to cover that, but at the moment Medicaid mostly only covers nursing home costs and only after the individual uses up all of their available assets, which often includes your savings and the equity in your home.
You could be on the hook for $100,000 a year, $200,000 a year, or even $300,000 (Alaska nursing home costs, for example) in expenses every year for long-term care costs.
That’s why long-term care insurance is so important to begin thinking about now. So, how do you incorporate long-term care insurance into your financial plans?
Speak to agents or brokers today from long-term care insurance companies.
It’s not good enough simply to contact any insurance agent and ask about it, but preferably agents from long-term care insurance companies who has direct and extensive experience with regard to long-term care insurance policies. There are numerous components and aspects that can affect the cost of the policy, protect you, give you extra benefits, and so forth.
When you realize just how much long-term care costs will be in the future, you quickly understand that it’s not a matter of simply incorporating long-term care insurance into your future financial plans, but making the commitment as early as possible.
If you or a loved-one are considering Long-Term Care Insurance Companies in Oceanside 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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