January is Financial Wellness Month and it’s a good way to start the new year when you begin focusing on things you can do now that will protect you before and during retirement. Most people will focus on two key things: a retirement portfolio and life insurance. What they often overlooked is the impact that long-term care costs can have.
In truth, long-term care costs can financially ruin families.
The average cost of nursing home care in the United States right now is about $85,000. In Alaska, the average cost of nursing home care is well over $100,000. If you had to pay out-of-pocket for this level of support for three years, will that financially wipe you out?
Considering the fact that now more than three quarters of full-time working Americans are living paycheck to paycheck (CNBC), it’s unlikely that many of these individuals will contribute to their retirement funds beyond the matching 401(k) with an employer.
That means many Americans could be financially devastated in the event any adult were to require long-term care.
Many people assume they won’t need help.
They might be in their early 40’s and feel strong and energetic. They have recently been given a clean bill of health by their doctor. Nothing is going to happen to them. They won’t have to worry about this for at least another two decades, if not more.
Why bother considering long-term care insurance now?
First, it’s about what we don’t see coming. Most people who have life insurance policies of some form or another understand their own mortality. They know at some point they will pass away and want to leave something to their spouse, children, and others to help them get back on their feet.
Most of these same people simply don’t imagine ever reaching the point in their life when they have to depend on home care aides, assisted living, or nursing home care. They can’t envision that possibility. Yet, the older people are, the longer they live, the greater the chance they’ll have to depend on others for support and assistance, either for recovery, safety, or every day activities.
Now is the time to make the right commitment.
The new year is here and that means with all the resolutions and other activities you have promised to change and do, consider long-term care insurance. The earlier you start a policy, the more affordable it will be based on monthly premiums. Even though you might be in your 40’s or 50’s right now and everything seems great with your health, accidents happen and no one should put their financial health and future at unnecessary risk.
If you or a loved-one are considering Long-Term Care Insurance Premiums 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