When people are younger, working to build their careers, raising a family, and trying to enjoy life, they often don’t think about long-term care. In most circumstances, a person isn’t going to begin thinking about long-term care, or the costs associated with it, until and unless an aging parent or someone else in the family requires this level of support. Insurance can be an invaluable asset to help protect a person’s life savings, their retirement fund, in the event long-term care is needed in those later years.
So what is one of the biggest questions people often have about this topic? Cost.
Many people don’t truly understand how much long-term care is going to cost. In today’s economy, the average cost of nursing home care is over $85,000. The average cost of assisted living is over $75,000. For full time in home care support, that could run $42,000 per year or more, depending on the level of support and assistance needed.
Many people currently struggle just to save any amount of money. A Stock Market crash could potentially wipe out trillions of dollars in savings through 401(k)s and other stock options. Even if that doesn’t happen, the average person will likely retire with less than $500,000 in retirement savings or stock options. If they or their spouse or somebody else they know requires long-term care for several years, that could completely financially wipe them out.
That’s why long-term care insurance is such a valuable asset. There really is no excuse for somebody who is devoting a part of their income to retirement savings to not protect it with an affordable long-term care insurance policy.
When should a person start a long-term care insurance policy?
That will depend on a number of factors. The earlier a policy is started, the more affordable it will be on a monthly premium basis. If a person waits until they’re 60 or 65, for example, the monthly premiums will be significantly higher, but there’s no guarantee they will be approved for long-term care insurance in the first place. Health issues, personal habits, and a wide range of factors all go into determining whether somebody is eligible to take out a long-term care insurance policy.
While cost can certainly be a concern for people thinking about their future, wondering if there might be a possibility they will need long-term care, waiting to take out a long-term care insurance policy could be far more costly than most people realize at this point in time. Contacting long-term care insurance companies can provide a wealth of information.
If you or a loved-one are considering a Long-Term Care Insurance Companies 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.
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