Planning for retirement can be simultaneously exciting and nerve-racking. The longer a person waits to begin making these plans, the more concern they might have with regard to their finances. Will they have enough to retire on? What will happen if and when they begin developing health related issues? Did they consider all the right types of insurance? One of those that is often overlooked is long-term care insurance.
It’s easy to think of life insurance as the most important and common type of insurance for people as they get older, but it’s not the only one. There are certain types of life insurance that can provide financial support when an individual comes upon a disability, loss of a limb or some other dismemberment, and other specific situations.
Some life insurance policies can also be cashed out when they reach a certain level of maturity, though the money received will not equal the amount put in to that time.
The cost of long-term care continues to increase.
In some situations it is considered skyrocketing. That means the cost of nursing home care, which may be at a national average of around $85,000 right now, could easily top six figures per year within five or 10 years. For somebody who needs three years of nursing home care, that could completely financially wipe them out.
That’s why it’s so important to consider long-term care insurance now.
You can make all the right decisions, the best investments, be focused and diligent in building your retirement portfolio, but if you’re not paying attention to the minor details, including how to best protect that investment and those savings in the years ahead, it could be completely wiped out by an accident, heart attack or stroke, a slip and fall, or other unforeseen circumstances.
Even people who are not considered seniors may require long-term care.
A person doesn’t have to be in their 70’s, 80’s, or 90’s to require long-term care. An individual in their early 60’s could suffer a stroke. A person may be diagnosed with dementia, including Alzheimer’s. They could become involved in an automobile accident and sustain serious injuries.
We don’t know what tomorrow will bring for any of us, but for those who are diligently saving and working toward retirement, to completely discount the value long-term care insurance offers is to put themselves at a potentially devastating risk of losing everything in the event some type of long-term care is required. That may include home care, nursing home care, assisted living, and more. It is simply not worth the risk. It would be prudent to get a quote.
If you or a loved-one are considering a Long-Term Care Insurance Quote in Rancho Penasquitos 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