April is Stress Awareness Month and it’s a good reminder, especially during difficult situations such as this country is facing right now. COVID-19, more commonly referred to as coronavirus, is affecting tens of millions of people economically. No one really knows what tomorrow will bring, let alone next year or next decade, but investing for retirement is a responsible behavior. Yet, many of the people saving for their retirement don’t consider long-term care insurance.
While there are many ‘essential workers’ out there, there are many others who have been laid off, furloughed, or otherwise lost their employment options. As a result, savings are being wiped out, investments are struggling, and millions of Americans are now looking toward their retirement years with doubt and anxiety.
No one really knows what tomorrow will bring, let alone next year or next decade, but investing for retirement is a responsible behavior. Yet, many of the people saving for their retirement don’t consider long-term care insurance.
Why don’t they consider this?
Honestly, most people aren’t aware that it’s an option. That’s because most people never even consider the prospect they may require some type of long-term care in the future.
They focus on the here and now. And, the here and now is creating tremendous financial stress affecting millions of Americans.
How could long-term care insurance help?
It’s not really going to help in the short run, not unless somebody suffers a catastrophic health emergency such as injuries in an accident, but it can allay several fears that might begin infiltrating the mind when we see what other people are dealing with.
For example, we see a friend suddenly coping with a new reality in life. They worry about how they will cover rent for their mortgage, pay for food, gather certain supplies, or even care for an aging parent or other loved one who has suddenly been stricken with an illness or medical emergency.
While some people may feel blessed to have the time off or be able to work remotely to support an aging loved one during these difficult circumstances, they are becoming more aware of the importance and value of long-term care.
They are also becoming more aware of the cost.
As people realize the increasing cost of long-term care and the importance of it, they may start to wonder how they will pay for that level support if they require it during their Golden Years.
Three years of long-term care costs could easily wipe out an entire family financially. Their life savings could be obliterated it in a matter of years.
With long-term care insurance, though, they can feel a little less stressed and more confident as they get closer and closer to those wonderful retirement years.
If you or a loved-one are considering Long-Term Care Insurance in Rancho Bernardo CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
- Don’t Overlook the Value of Long-Term Care for Your Financial Future - October 4, 2022
- Steps to Better Plan for the Prospect of Long-Term Care - September 27, 2022
- Worries About the Cost of Long-Term Care if Family History of Alzheimer’s - September 19, 2022