How Much Could You Save with Long-Term Care Insurance?

By Steve Elliott | January 3, 2017 | Comments Off on How Much Could You Save with Long-Term Care Insurance?

Long-Term Care Insurance Quote San Diego CA

Long-Term Care Insurance Quote San Diego CAYour kicking around the idea of purchasing a long-term care insurance policy. Yet, you’re wondering whether it’s lucrative or worth the investment. You certainly don’t mean lucrative in the sense of trying to make more money in the future from this policy, but saving as much money as possible.

You may be sitting there wondering whether you or somebody else in your family who might be covered by the policy would even need any type of long-term care. At the moment you are all relatively healthy. However, you also understand you’re getting older and just as you invested in your retirement portfolio and purchased life insurance, you need to think proactively about the possibility that someone, you, your wife, or maybe even your parents, may require long-term care in the future.

So how much can you save by purchasing a long-term care insurance policy?

There’s no real way to answer that question honestly. It all depends on many different factors. What you can look at, though, are some basic facts about it.

In 2010, the long-term care insurance industry paid out on 200,000 claims to the tune of $6.1 billion.

The longest open long-term care claim exceeded $1.5 million over 14 years. The woman who received the benefits of that policy paid $2,500 into it.

Just looking at those two basic facts can give you a pretty good indication about how much you could potentially save for your family in the event someone requires long-term care. What happens if no one requires long-term care during the life of the policy?

Ultimately, the money you paid into the policy will go to the insurance company and nothing is paid out. Does that mean it’s not worth it?

Look back again on how much that one woman received, not directly, but through the care she needed over 14 years. Are you ready to shell out $1.5 million over 14 years for long-term care?

Insurance is meant as an extra layer of protection. You purchase auto insurance because it’s required by law to have a registered vehicle on the roads, but what if it wasn’t a requirement by law? Maybe you have a couple of vehicles and they both have full comprehensive coverage. Comprehensive coverage is not required if you have your vehicle completely paid for, right? But you still carry it.

Maybe you’re never involved in an accident. That’s a great thing. However, does that mean the insurance was a waste of money?

When you think about a long-term care insurance quote, think about how it could protect you or someone else in your family from financial disaster in the event they require care for an extended period of time.

If you or a loved-one are considering a Long-Term Care Insurance Quote in San Diego CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

Steve Elliott
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