How Long-Term Care Insurance Actually Saved a Couple from Financial Ruin

Ron and Sharon had been married for 30 years by the time they were 55. Having met in college, their relationship quickly escalated and within a year they knew they wanted to spend the rest of their life with one another. They married, built their careers, and then had a family. When they were both in their mid 50s, Ron came home one day after work and talked to Sharon about starting a long-term care insurance policy. Sharon didn’t understand why he would even be talking about such a thing, especially at that stage in their life.

Long-Term Care Insurance Encinitas CA - How Long-Term Care Insurance Actually Saved a Couple from Financial Ruin

Long-Term Care Insurance Encinitas CA – How Long-Term Care Insurance Actually Saved a Couple from Financial Ruin

They were 10 or 12 years away from retirement, still saving, and still building their funds for their “golden years” because they wanted to travel and see the world. She didn’t know why he was so desperate to “throw money away,” as she saw it at that time.

“We don’t need long-term care,” she said.

“Not right now,” Ron replied. “What about when we’re 70? Or 75?”

“Then we deal with it then.”

It got heated at times, but eventually, Ron won out. Sharon told him if he wanted to throw his money away, he could do so. He didn’t want to throw money away, but he had done the math. He had seen the cost of some types of long-term care.

He also checked with his health insurance provider and discovered they didn’t cover long-term care expenses. He also learned that Medicaid would only cover nursing homes in most states and only after a person had used up all their liquid assets, including the equity in their home.

He felt it was important to protect their investment, and their savings for the future, even if they didn’t need any long-term care.

One day, Ron was involved in an accident.

For the most part, he considered himself a safe driver, but he wasn’t the best at staying within the speed limits. One morning, on his way to work, driving about 10 or 15 miles over the speed limit in the left lane of the highway, he got clipped by another car going a bit faster. They both lost control and it led to several car pileup.

When he woke in the hospital three weeks later, he learned a devastating truth. He had broken both legs, his hip, and several ribs, and suffered significant head injuries.

His doctor was telling him the road to recovery was going to be long, challenging, and exhausting, but he could get there. By the time physical therapy, nursing care, and other supports were finally done over a year and a half later, the bill was close to $200,000.

But their long-term care insurance policy covered most of it. Sharon was grateful he hadn’t listened to her in those earlier years. She did the math and realized if they had to tap into their retirement fund or take a second mortgage, they would not have been able to retire when they planned.

Long-term care insurance can be a lifesaver in more ways than one.

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