January is Financial Wellness Month and when you are planning for your future, one thing that is easy to overlook, but vitally important to focus on, is the prospect of requiring long-term care in the future. This is something very few people in their 30s, 40s, or 50s would even contemplate, but it can be critical. It may be time to consider getting a long-term care insurance quote now.
As you get older and move through your 50s and 60s, and well into your 70s, the likelihood that you or your spouse or other dependent may require some type of long-term care will increase. Why? Because the risk of health issues, including serious ones also increases with age.
Even if there is no family history of chronic health problems, including Alzheimer’s or other types of dementia, heart disease, cancer, and so forth, that doesn’t mean you will be free and clear of those issues yourself. You may be at a significantly lower risk than other people, but no one knows what the future will hold.
You can’t even predict what will happen tomorrow, much less 10 or 20 years from now. If you are being diligent about your financial future, saving for retirement, investing, making sure your portfolio is diversified, keeping up with the latest news about pension reductions, state or federal debt, and so forth, that doesn’t mean you will be protected when it comes to retirement.
Speak to an insurance agent or broker about long-term care insurance now.
You may not think you’ll ever require long-term care, but even if automobile insurance wasn’t required by law, would you still have it for your vehicle? Most older people would. Why? Most people don’t think they will ever be responsible for an accident, yet almost everyone realizes there are plenty of risk factors, including reckless drivers on the roads, that put everyone else in danger.
The same concept can be applied to the prospect of long-term care. You might never have a serious medical emergency related to your heart, lungs, cancer, diabetes, or anything else, but what about becoming involved in an automobile accident, slipping and falling, or having another accident occur in the future?
Those are all possibilities, aren’t they? And if you have to spend many months in a nursing home and another year or two at home just trying to recover and get back to some semblance of normalcy, who is going to pay for that?
In most cases, you will. The easy mistake most people make is assuming Medicaid will cover those expenses after you reach retirement age, which currently sits at 67. In reality, though, Medicaid is only most likely to cover nursing home care, and only after all of your available savings and assets have been used up, which can include the equity in your home.
If you are being diligent to save and invest for your future, be diligent to look into long-term care insurance. Just because you may not have thought about it before or don’t think you’ll ever need long-term care, the cost could completely wipe out everything you spent your entire life working and saving for.
If you or a loved one are considering a Long-Term Care Insurance Quote 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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