You’ve been a responsible adult for a long time. You’ve been paying into a 401(k) for years, working on figuring out the best portfolio for retirement, and have taken out the right types of insurance to protect you, your family, your assets, and your future. Many of these investments have cost quite a bit of money through the years. You may have been able to take a few extra vacations, but sacrificed that for your future.
One thing you may have overlooked, though, is the prospect of long-term care.
Most younger, healthier adults understand their own mortality, which is why they take out a life insurance policy, create a will for their loved ones, and think about what would happen in the event they were no longer around to provide for their family.
What the majority of people, unfortunately, overlook is what could happen in the event they require any type of long-term care. It could be the result of an accident that led to injuries and even permanent disability, a health emergency when they reached their 60’s, 70’s, or 80’s, or some other event.
How would you pay for long-term care?
A lot of people incorrectly assume that their health insurance would help pay for long-term care. Most health insurance policies in this country have limits on how much they pay out. They may pay for a hospitalization, some level of nursing home care, and other related expenses, but whether a person is going to be in a nursing home for the rest of their life, has to consider assisted living, or may need in home care support services, the cost of that can be tremendous.
Medicaid and Medicare may cover some of those costs, at least with regard to nursing home care, but only after all personal assets have been exhausted. That means the retirement portfolio you have been working to build up through the years could be completely wiped out in a short amount of time.
The best way to protect your retirement, your assets, and even your income now and into the future in the event long-term care is needed is to carry long-term care insurance.
It’s an affordable policy that’s commonly overlooked but one that can be instrumental at helping to ensure you and your family -whether it’s a spouse, children, or others who rely on you- will be able to protect your assets in the event long-term care is required.
If you or a loved-one are considering Long-Term Care Insurance Cost in Rancho Bernando CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.