Being prepared is the motto of not just the Boy Scouts, but many other organizations and individuals. Being prepared means thinking ahead, having the right resources on hand to deal with any number of struggles and strife that may fall upon a person. For those planning on retirement, long-term care insurance is just another way to help be as prepared as possible for those Golden Years.
Will you even need long-term care?
This is one of the key questions people ask long-term care insurance companies when confronted with long-term care insurance. “What if I never need long-term care?”
The answer they receive might not be what they expect. A person who carries a life insurance policy will essentially say everyone is mortal, everyone will die, so every life insurance policy will pay out, so long as the premiums are paid properly every month.
But not everyone will require long-term care. So, what happens during these situations when long-term care is no longer necessary? Will all that money a person paid into the policy be lost?
As with any type of insurance, there may not be a need to utilize it. Consider the cost of health insurance or, better yet, automobile insurance. Even though automobile insurance is required by law, you are not required to carry collision if you own your car outright (if you have a lienholder, they will require it). If you purchase comprehensive and collision insurance for your car over 10 years, but are never involved in an accident, does that mean the money was wasted?
You carry insurance as a protection against the possibility that something might go wrong. When it comes to long-term care insurance, you may not realize it, but the cost of long-term care continues to outpace inflation and some of the most expensive options are already averaging close to or even more than $100,000 per year.
Imagine paying that out-of-pocket for three years. That’s more than the average mortgage in the United States.
It shouldn’t be a question of whether you might need it, but rather protecting your finances.
The focus of long-term care insurance isn’t as an investment. There are many other ways to invest your money to make it work best for you. However, if you don’t consider the prospect of requiring long-term care at some point in your Golden Years, you could face the prospect of having to pay for this out-of-pocket before any government insurance or support would even start.
If you or a loved-one are considering the Long-Term Care Insurance Companies in Rancho Bernardo 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