Long-term care insurance is so critical to future fiscal planning that everyone should be learning more about it. Unfortunately, very few people in their 40’s, 50’s, or even their 60’s even realizes long-term care insurance is a thing and taking on long-term care insurance cost for the premiums causes hesitation..
Having long-term care insurance can actually change the course of your future. There are numerous ways this could happen, but one of the most common arguments against even considering this type of insurance is, “Nothing’s going to happen to me.”
Eventually, though, something will.
It might not happen to you in your 60’s or early 70’s, but as you get older, if you’re approaching 80 or moving well into your 80’s, there will come a time when you have a medical emergency, suffer injuries as a result of a slip and fall or other accident, or may be facing a serious health crisis that requires a long and difficult recovery.
Sure, this may never happen, but the older you get, the more likely it will happen. So, what are some of the ways that long-term care insurance can change the course of your future? Let’s take a look.
1. It can help reduce stress when dealing with serious health issues.
If you are married, your spouse might be the one who faces a difficult and lengthy recovery time. Whether it’s you or him or her, stress is going to be part of your life for a while.
When you’re facing serious health issues, stress increases. Of course, increased stress is going to exacerbate the health issues you are already facing. When you tack on the cost of long-term care, you having to pay for it out-of-pocket, that is only going to increase your stress levels even more.
When you have long-term care insurance, though, you won’t have to worry about the fiscal stress of dealing with those serious health issues.
2. It will protect your savings and assets.
Too many Americans incorrectly assume Medicare or Medicaid will pay for that long-term care expenses when they reach retirement age. First, this would only matter to you if your income was minimal.
Also, Medicaid is only going to pay for nursing home care right now as part of a long-term care support system. And, it is only going to cover that after you have used up your available assets and savings. That could include the full value of a house you own outright.
Long-term care insurance can protect those savings and assets.
3. It can give you greater confidence heading into your retirement years knowing the long-term care insurance cost provided you with protection.
When you have a decent long-term care insurance policy in place and your long-term care insurance cost is affordable, you will feel more confident that your retirement will be protected, your savings and investments won’t have to be used to pay for long-term medical expenses.
Even though you may never have to use it, that level of confidence will clear away the worry so many other millions of Americans will face, unfortunately, as they move through their retirement years and quickly realize their assumptions about who would cover long-term care expenses were wrong all those years.
If you or a loved-one are considering Long-Term Care Insurance Cost in Encinitas 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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