Best Retirement Plan Includes Looking into Long-Term Care Insurance … Now

By Steve Elliott | July 23, 2018 | Comments Off on Best Retirement Plan Includes Looking into Long-Term Care Insurance … Now

Are you one of the determined, driven Americans who are saving for retirement right now? Have you been building your 401(k) for decades? Do you have stocks, CDs, bonds, and a diverse portfolio that gives you confidence you’ll be able to retire at 65, 67, or even 69? That’s wonderful, but do you have long-term care insurance?

Long-Term Care Insurance Premiums San Marcos CA - Best Retirement Plan Includes Looking into Long-Term Care Insurance … Now

Long-Term Care Insurance Premiums San Marcos CA – Best Retirement Plan Includes Looking into Long-Term Care Insurance … Now

Not many people do.

It’s not because long-term care insurance is unnecessary; in fact, it could be one of the most important components of your overall retirement portfolio (that is also commonly overlooked). You may not think it’s going to happen, but an accident, medical emergency, or some other situation could arise later this year, next year, five years from now, 10 years from now, or at some other point in time where you or your spouse may require long-term care.

Imagine being involved in a car accident, waking up in the hospital more than a week or two after the incident, and suddenly facing many long months of grueling physical therapy, direct support to get out of bed and go to the bathroom, and even performing other tasks of everyday life.

Some people who are involved in these accidents rely on long-term care for years. They might even need it for the rest of their life. If you don’t carry long-term care insurance, you could be paying for all of this out of pocket.

How much does long-term care cost?

That all depends on the type of care. For example, a full-time home care aide (we’re not even talking about a visiting nurse, but rather somebody who assists with basic tasks of everyday life) could cost about $45,000 per year. If you, your spouse, or other dependent has to remain in the nursing home for months or even years, the average cost is well over $75,000. In fact, in some states it is approaching $100,000.

Take into account inflation and a number of other factors and you may begin to realize just how quickly that retirement portfolio could be obliterated from one unforeseen circumstance.

The length of time the policy would pay out depends on your expectations and demands (and monthly premium budget). The earlier you start a long-term care insurance policy, the more affordable the premiums will be. Keep in mind that if you wait until you’re approaching 60 or are into your 60’s already, you could be denied. Your current health and other factors (especially risk factors) will determine eligibility.

But, if you want to be thoroughly responsible with your retirement, you need to seriously consider a long-term care insurance policy to help protect your assets into the future.

If you or a loved-one are considering a 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.

Steve Elliott
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