As we move through our careers, build families, and hopefully increase our savings, we focus on a lot of different things. One issue far too many Americans overlook (and not necessarily because they don’t want to see it, but simply because they’re not aware of it) is long-term care. When we’re young, strong, and healthy, the last thing we could ever envision is requiring any type of long-term care, within the next week or 40 years down the road. However, it could happen and that’s why long-term care insurance is something to consider.
Think about how hard you’ve worked to build your retirement savings.
This could be a portfolio such as a 401(k), direct savings, investments, and other options, but all told you may have spent 40, 50, or even more years of your life thinking about the day you can finally retire. That’s an incredible amount of effort, diligence, and focus, and depending on how much you’ve managed to save up for your retirement, how large that pension is, and a number of other factors, you may not realize it but requiring direct long-term care, especially significant around-the-clock care, could financially wipe you out within a matter of years.
Consider the cost of nursing home care right now.
Most people do not want to end up in a nursing home, but for those who have significant health issues, limited mobility, and a number of other challenges, that may very well be what happens. The cost of nursing home care right now averages over $85,000 in the United States per year. In some places the average is $115,000 and up. And these costs are only increasing with inflation.
If somebody wishes to remain home but requires around-the-clock care and supervision, that’s going to be a significant cost. For many Americans, three years of this would financially devastate them in their Golden Years.
Long-term care insurance from a reputable company and with a decent, reliable policy could provide coverage for these costs, at least for a specified length of time, such as three years. You can choose your policy and a number of other options, but the sooner you begin a policy, the more affordable it will be on a monthly basis.
You never know what could happen tomorrow.
Tomorrow everything could be going fine but then an accident occurs. It might not have anything to do with you but rather your spouse. It might have been the result of somebody else’s actions or lack of responsibility. Having to go through physical therapy and require extensive support for months, even years, could derail all your retirement plans if you don’t have a quality, dependable long-term care insurance policy in place now.
Just because you never thought about this before doesn’t mean it’s not a wonderful idea.
If you or a loved-one are considering Long-Term Care Insurance 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.
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