Can You Be Financially Secure Without Long-Term Care Insurance?

By Steve Elliott | November 20, 2023 | Comments Off on Can You Be Financially Secure Without Long-Term Care Insurance?

Millions of Americans are racing toward retirement. Even though the legal age of retirement, according to the federal government, increased from 65 to 67 some time ago, it may rise again soon. That’s because many programs, including Social Security, were set up to help seniors in dire financial straits. Whether the retirement age increases to 69 or 70 by the time you get there or not, you may very well be focused on your target age. You may have a 401(k), pension, or other investments that you have been building throughout your working life. Have you been paying long-term care insurance premiums for the unexpected event of needing long-term care?

Long-Term Care Insurance Premiums San Marcos CA - Can You Be Financially Secure Without Long-Term Care Insurance?

Long-Term Care Insurance Premiums San Marcos CA – Can You Be Financially Secure Without Long-Term Care Insurance?

Are you certain that you will be financially secure for your retirement? Whether you retire at 65 or 70, 50 or 55, or somewhere in between or earlier, there is a greater likelihood you will require more financial resources once you reach that blessed retirement age.

Have you ever considered the impact of long-term care?

Most Americans haven’t. They don’t want to think about needing long-term care in the future. Sure, almost every one of us understands we are mortal and we will die one day. That’s why more Americans in their 50s and 60s carry life insurance. They understand the realities.

However, they don’t think much about needing long-term care, even though by the time somebody is 70 there is a 50/50 chance he or she will require some type of long-term care in the future.

If you expect your primary health insurance to cover long-term care expenses, think again. The overwhelming majority of private health insurance policies do not cover long-term care. They might cover short-term care, meaning for a couple of weeks, but beyond that, the individual would be responsible for those expenses themselves.

On top of that, Medicaid doesn’t cover most types of long-term care. They give you one basic option, which is nursing home care, but it won’t cover those expenses until you have exhausted all your available savings and assets. Did you know that you may have to take out a reverse mortgage on your home if you own one before Medicaid will even cover those long-term expenses?

That’s why long-term care insurance is so critical.

Just because you may be planning for retirement and are financially secure with your investments, pension, 401(k), and other options doesn’t mean you are in the clear. Consider how far your money will go in the event you or your spouse or other legal dependent requires long-term care during those retirement years.

Some types of elder care cost several hundred thousand dollars per year in some locations. Now, if you had to pay $100,000 out-of-pocket for 2 ½ years, how significant would that be to your financial security during retirement?

If you aren’t sure, it’s time you became certain. If you know it would be devastating, now is the time to look into long-term care insurance and check long-term care insurance premiums. Even if you are beyond the ‘sweet spot’ age of 55, long-term care insurance could still be a financial lifesaver for you, your spouse, and any other legal dependents who depend on you.

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

Steve Elliott
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