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How Will You Be Able to Pay for Assisted Living 10 Years from Now?

How is your financial situation going to be 10 years from now? Most Americans, believe it or not, are living paycheck to paycheck. According to CNBC, 78% of full-time working adults are living paycheck to paycheck right now. That indicates not many full-time working adults are saving any money, for an emergency much less retirement.

Long-Term Care Premiums Rancho Bernardo CA - How Will You Be Able to Pay for Assisted Living 10 Years from Now?

Long-Term Care Premiums Rancho Bernardo CA – How Will You Be Able to Pay for Assisted Living 10 Years from Now?

If that’s the case, are you one of the averages? Maybe you are contributing to a 401(k) that your employer is matching. That’s all well and good, but is that going to be enough to hold you through retirement? When we look into the future, Social Security is expected to become insolvent in just over 15 years, if not sooner. If the stock market crashes, which could very well be a possibility in the next several years, what happens to that 401(k)? It loses incredible value.

With all these pressures surrounding full-time working adults, will you be of the handle long-term care needs for yourself or your spouse at some point in the future? If not, it’s time that you considered long-term care insurance.

What can long-term care insurance offer?

It can offer you financial peace and comfort. Let’s say, for example, 10 years from now you or your spouse needed some type of long-term care. It might be a nursing home or assisted living.

If you had to shell out-of-pocket for it, you’re talking about anywhere from $75,000 and up for a single year of long-term care like this. Most people can immediately recognize and understand this could completely decimate their retirement savings within a couple of years.

If you don’t think it’s possible for you to even pay that for one year in the event you require it a decade from now, what happens then? Before the state Medicaid system would even begin paying for a nursing home, for example, you would have to use up all convertible assets, which include your house.

You might have to sell your house or take out a reverse mortgage to pay whatever you could out of your own pocket.

Consider a long-term care insurance policy now instead.

For a nominal monthly premium, you can help protect your savings and assets better in the event you or a dependent, which might very well include your spouse, requires some type of long-term care. If you are in your 50’s, there’s no time to wait; look into a long-term care insurance policy now.

If you or a loved-one are considering Long-Term Care Insurance Premiums 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.

Steve Elliott

Long-Term Care Insurance Specialist at LTC Capstone Insurance
Steve Elliott with Capstone Financial Assurance is a Long Term Care Insurance Specialist

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