Long-Term Care Insurance Isn’t the Same as Other Types of Policies

People work tirelessly in life, buying nice things, going on nice vacations, and planning for retirement. Investing in a 401(k), mutual funds, stocks, bonds, and savings accounts is great, but could you imagine something happening that could completely obliterate all of that hard work, an entire life’s work, in a matter of months or just a couple of years?

Long-Term Care Insurance San Diego CA - Long-Term Care Insurance Isn’t the Same as Other Types of Policies

Long-Term Care Insurance San Diego CA – Long-Term Care Insurance Isn’t the Same as Other Types of Policies

How much will long-term care cost you?

This is one of the most important questions people should ask themselves when they are planning for retirement or thinking ahead to those Golden Years. Long-term care insurance is not the same as other potential insurance policies. It is not like life insurance. It is nothing like health insurance. It’s not anywhere remotely close to what automobile or homeowners insurance is all about.

In some aspects, it is similar to other types of insurance, aside from life insurance, in that you may never need it. While everyone is going to pass away eventually, therefore a life insurance policy will ultimately pay out some day, as long as the premiums are covered each month or year, that’s not always the case for any other type of insurance.

While you or somebody in your family may never need long-term care, having insurance can protect your assets. Just imagine what would happen in the event long-term care is needed, but you don’t qualify for Medicare or Medicaid coverage. Just imagine what would happen if long-term care is required and you don’t have health insurance that will cover it.

You would need to pay for it personally, privately, out of your own savings. If you’re talking about nursing home care, that could run you $85,000 per year, annually, and that’s just at current averages. Assisted living can be anywhere between $55,000 and $75,000 per year, on average, depending on where in the country you live. Home care is the most affordable option and that can run you $45,000 per year for full-time care.

Most people can quickly realize how fast their retirement funds and savings can be obliterated for just a couple of years of sustained long-term care. That’s why long-term care insurance is so important.

No, it is not like other insurance policies, but that doesn’t mean it should be taken lightly or dismissed outright. In fact, people who truly care about protecting their investments would do well to consider a long-term care insurance policy.

If you or a loved-one are considering a Long-Term Care Insurance in San Diego 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