We often get so caught up in life that we miss some little details along the way. We don’t really like to think about such things, but they happen. One thing that can easily get overlooked when it comes to the hustle and bustle of daily life, building for retirement, and raising a family is the prospect of long-term care insurance.
Why don’t we think much about long-term care insurance?
There are several reasons people have a tendency to overlook the importance and value of certain types of insurance. For example, a young provider of a new family, whether it’s the mother or father or both, may not think much about life insurance, especially in their late 20’s or mid-30’s.
After all, who really wants to think about their own mortality? Yet, accidents, medical emergencies, and other mishaps can happen at any time, completely altering the future for that family.
But what about long-term care insurance? There are a few reasons why some people never even think about this when they should. Let’s talk about three right now.
Reason #1: We don’t think it’s ever going to be necessary.
Let’s be honest, do you think you’ll ever need long-term care? If you’re in your 30’s, 40’s, or 50’s, even the remotest idea that it may be necessary some day in your distant future is rarely front and center in your thoughts.
Because we don’t think it’s ever going to be necessary, we rarely give it more than a passing thought. Unfortunately, even though this may seem like a legitimate reason, as mentioned, accidents and other unexpected circumstances can happen at almost any time.
Reason #2: We think it’s something we won’t need for another decade or two.
A person in their late 40’s or early 50’s may have thought about long-term care insurance, but not right now. Why start paying on an insurance policy you wouldn’t even consider requiring for another 10 or 20 years?
The longer you wait, the higher the monthly premium will likely be on a long-term care insurance policy. Plus, if you wait too long you may not be eligible to get one or it could simply be more expensive than you can afford at that time.
Reason #3: We don’t realize the actual cost of long-term care.
Most people might be completely surprised to learn that nursing home care costs average more than $75,000 a year in the United States. That is only increasing, outpacing inflation. In just 10 years that cost could be well over six digits.
Taken into account, when people learn about the cost of long-term care, they become concerned for their financial future. That’s why considering long-term care insurance and talking to long-term care insurance companies now is so crucial.
If you or a loved-one are considering Long-Term Care Insurance Companies in San Marcos 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)
- How Much Could It Cost You to Pay for Long-Term Care Out-of-Pocket? - February 11, 2019
- Making Long-Term Care Insurance Part of Your Future Plans Means a Solid Health Care Focus - February 5, 2019
- Three Reasons It’s So Easy to Overlook the Value of Long-Term Care Insurance - January 28, 2019