Have you ever taken a moment and thought about what your future would look like? Many of us have and though we have difficulty envisioning how it’s actually going to work out and look, we can have a pretty good idea of whether we’ll struggle, enjoy our retirement, or even where we will live.
What if though, you needed long-term care?
What is your life going to look like in that type of situation? Will you be dependent on your spouse, adult children, parents, siblings, friends, neighbors, or others for help on a regular basis? Will you be confined to a bed, unable to get around on your own because of mobility challenges?
While those things are challenging to imagine for a younger, stronger, healthier adult, there’s a very real possibility you, your spouse, or somebody dependent on you may require significant care and support on a regular and ongoing basis. Whether it’s for a matter of 6 or 12 months, a couple of years, or for an extended amount of time, that can place incredible burdens on individuals, their time, and their finances.
How much would long-term care cost?
This is really at the heart of the question of this article. How is the financial impact of long-term care going to affect you if/when it may become necessary? You may never require long-term care, but what if you do?
What if you have a health issue or reach an age when your physical strength has declined to the point you simply can’t carry on a number of tasks alone?
Do you have any idea how much long-term care costs right now? Depending on where you look, the average cost of nursing home care can range between $75,000 to over $120,000 per year. Assisted living is not much better. A full-time home care aide can cost well over $45,000 annually.
Could you afford that?
Most people could afford it for a little while, tapping into their savings, cashing out life insurance policies, and converting their investments into liquid cash, but for how long? 78 percent of full-time working adults in the United States are living paycheck to paycheck (CNBC). That doesn’t leave a lot of room for significant savings.
The average individual might burn through their 401(k) in less than a year of nursing home care.
So, let’s ask this again: what will your life look like if you require long-term care 10, 20, or 30 years from now? That’s why long-term care insurance is so important and why it is time to contact long-term care insurance companies to find out what they provide.
If you or a loved-one are considering Long-Term Care Insurance Companies in Del Mar CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
Latest posts by Steve Elliott (see all)
- Demand for Long-Term Care Is Increasing, Which Is Why More People Are Looking into Insurance - July 15, 2019
- If There’s an Elevated Risk of Dementia in Your Family, Long-Term Care Insurance Might Be Even More Valuable - July 8, 2019
- Insuring Against the Possibility Long-Term Care Is Necessary for Your Future - July 1, 2019