Insurance is a type of topic that people have a tendency to avoid when they don’t feel it’s necessary. For example, if automobile insurance wasn’t required by law for any registered vehicle on the road, not everyone who has it right now would still have it. Some people believe their ability to drive safe means they won’t become involved in an accident. This same kind of mentality applies to long-term care insurance.
Let’s think about this more closely.
Thomas recently graduated from college, landed a great job, and purchased his first new car. With the bonus he received for signing with his company, he bought this vehicle for cash. Therefore, there was no stipulation or requirement to carry collision insurance. So, he decided to forgo that and only carry the minimal requirement by law.
He was a safe driver! There was no way he’d be involved in an accident.
Three weeks after purchasing the vehicle, he was hit. Somebody ran a red light and he never saw them coming. His new car was completely totaled. He was also injured. At 26, he never considered long-term care insurance, nor should he have. However, he was out the $27,000 the vehicle cost him because he decided to skip on collision insurance.
This is what happens far too often when older individuals don’t consider long-term care insurance.
Thomas took more than eight months to recover from the injuries he sustained in an accident. Fortunately for him, there was some recourse with the other driver’s insurance company and a different type of civil recourse.
However, for somebody in their 50’s, 60’s, or 70’s, if they suffer a medical emergency like a heart attack or stroke, a broken hip due to a fall down the last couple of steps, or happen to be involved in an automobile accident like Thomas was, it might take 12 months or even longer to recover. In some cases, that individual may never recover completely.
The cost of long term care in the United States continues to increase. Currently, a one-year stay in a nursing home can cost around $85,000. For assisted living, the average cost may be $75,000. Even for a full-time in-home care aide, that could be $42,000. The cost of this can quickly add up, especially if the person may require two or three years of long-term care.
Anyone who is building for retirement, saving money, and being focused on protecting themselves and their family financially in the future should certainly consider long-term care insurance as early as possible, preferably somewhere in their early to mid 50’s, if not a little sooner. The earlier a policy begins, the more cost-effective it can be with regard to monthly premiums.
If you or a loved-one are considering a Long-Term Care Insurance Companies in Oceanside 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)
- Ask Yourself: How Will You Pay for Long-Term Care If It Was Needed Right Now? - November 12, 2018
- No More Excuses For Not Thinking About Long-Term Care Insurance - November 5, 2018
- Yes, Purchasing Long-Term Care Insurance Certainly DOES Qualify as Strategic Thinking (and Planning)! - October 29, 2018