When times get tough, people tend to trim their expenses wherever possible. Unfortunately, they don’t always cut the right expenses. Instead, they let go of some things that may not appear to have immediate value or benefit, but that could have been extremely helpful in the future. Long-term care insurance premiums are one of those ‘expenses’ too many middle-aged adults might let go of when a recession hits.
While it may be easy to assume you’re not going to require any type of long-term care in the future, it could happen at any time. Yes, it’s true that seniors tend to require long-term care more than most other age groups, but lots of things can happen between now and the time you’re officially considered a ‘senior.’
What are some of the reasons you may need long-term care in the coming years?
Unexpected medical emergencies.
Perhaps a heart attack or stroke might happen. Even if there’s no family history of these issues in your life, and even though your primary doctor may have given you a clean bill of health, that doesn’t mean nothing bad will happen.
In fact, too often men and women are told by their doctors that they are in great shape in their 40s or 50s, only to suffer a major medical episode or emergency. If you or your spouse have a stroke or heart attack, it could take months or even years to recover.
Aneurism, cancer, and other issues could all happen to someone who is otherwise healthy and appears so on the outside.
You could be the safest person on the planet, but accidents can be caused by many factors, most of which are outside of your control. If you become involved in a traffic accident, you could suffer such serious injuries that require you to spend months in recovery.
That could be long-term care, such as in a nursing home or other facility. Even though someone else’s insurance may ultimately cover those expenses, don’t plan on it. You could be responsible for those costs as you recover.
Do you know how much long-term care could cost? Well, most people have no clue. On average, a nursing home could cost $85,000 in the U.S., but in some states, it could cost you more than $300,000 annually. Are you ready to cover that?
Sometimes, surgery may be necessary to address and correct a certain medical condition. While hopefully, recovery would be short, it may take a lot longer than you realize. If that’s the case, you would likely be on the hook (financially) for those expenses.
Again, that could total tens or hundreds of thousands of dollars, and medical expenses are some of those you can’t escape, even when filing for bankruptcy protection.
Long-term care insurance is designed to help protect you from those potential expenses. Even when a recession hits or it seems as though it’s an easy expense to trim, for now, realize just how much it could cost you in the future, when it matters most.
If you or a loved one are considering Long-Term Care Insurance Premiums in San Marcos 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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