At 55, having worked more than 30 years in your career already, you might be eyeing retirement in just over a decade. With a solid retirement portfolio already established, you’ve been diligent to plan ahead. Now, though, you might have heard about the benefits of long-term care insurance.

Long-Term Care Insurance Oceanside CA - By Not Choosing Long-Term Care Insurance Now, What Might the Repercussions Be?

Long-Term Care Insurance Oceanside CA – By Not Choosing Long-Term Care Insurance Now, What Might the Repercussions Be?

If you decide not to choose this type of insurance policy, have you taken into account what the long-term repercussions and ramifications might be? Not enough people truly understand what long-term care insurance is and offers. In fact, few people even realize it’s an option.

What might happen in the future?

Insurance isn’t about expecting something to happen, but rather protecting against the possibility that something bad could go wrong. Life insurance is different altogether; everyone is mortal. Eventually, everyone will die so a life insurance policy, as long as it is maintained and paid monthly, will pay out something to beneficiaries.

Most other types of insurance are not like that. You could pay into automobile insurance, homeowner’s insurance, or renter’s insurance for years and years and never file a claim. The policy never pays out.

Yes, the same could happen with a long-term care insurance policy, but as you get older the risk of injuries, health ailments, and chronic conditions increases. With those increased risks, you could face a serious health situation that requires long-term care.

How will you pay for it?

This is a question most people don’t consider until it’s too late. If you have recently decided against long-term care insurance because you assume you aren’t going to require it or it’s not worth the money right now, how would you pay for long-term care for yourself or your spouse (or other dependent) for, let’s say, two years?

The average cost of nursing home care in the United States is currently $85,000 per year. In Alaska, it’s well over $300,000 per year.

Is that something you can pay for and not have it impact your retirement? Most people would say no. In fact, when people understand the cost of long-term care and then factor in inflation and other economic factors that will increase the cost even more, they start to appreciate the value of long-term care insurance.

You are certainly free to choose not to carry a long-term care insurance policy, but you will do so at your own risk. If you don’t have any retirement investments or savings, and long-term care insurance is not likely a reasonable option for you at this time. If you are in your early to mid 50’s, have savings, own your home, have investments, and so forth, then long-term care insurance is certainly something you should seriously consider.

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