Just How Much Could Long-Term Care Cost?

By Steve Elliott | January 2, 2018 | Comments Off on Just How Much Could Long-Term Care Cost?

There are numerous questions people have when shopping for insurance. It doesn’t matter whether it’s automobile insurance, homeowner’s insurance, life insurance, or even long-term care insurance. The question of cost is usually one of the top of the list of concerns and questions.

Long-Term Care Insurance Companies Rancho Bernardo CA - Just How Much Could Long-Term Care Cost?

Long-Term Care Insurance Companies Rancho Bernardo CA – Just How Much Could Long-Term Care Cost?

People don’t want to throw good money away.

It doesn’t matter whether it’s somebody with tremendous financial resources or a family scraping by to make ends meet. Neither of them wants to waste money, but unfortunately some people believe that paying for a long-term care insurance policy is basically just that: a waste of money.

In reality, it can actually save people their entire life savings.

Just imagine a certain scenario playing out. A couple who had been married since their early 20’s raised three children and put away as much as they could every year into retirement accounts, savings accounts, IRAs, stocks and bonds, and more. They didn’t go on extravagant vacations, didn’t eat out at restaurants very often, and basically focused on making sure they had enough to retire and live comfortably for many, many years.

Their planning was exceptional and by the time they were 68, they retired with their Social Security payments, investments, and hundreds of thousands of dollars in savings, not to mention real estate property and other assets.

When they were 69, the husband had a massive stroke. Fortunately, he survived, but the road to recovery was going to be extremely long, difficult, and exhausting. He started at a nursing home for a few weeks before finally being discharged home. Taking care of him wore his wife out to the point where she realized home care support was needed.

At the time, they thought assistance would only be required for a few months, but it turned into several years. Between nursing home care, home care, visiting nurses, and eventually independent living for the two of them, it completely wiped out their life savings in a matter of two years. After that, they didn’t know what to do.

They didn’t know this was going to happen when they were 69, 75, or even 80. However, the cost of a long-term care insurance policy often pales in comparison to what families could lose in the event they require some type of long-term care. With the cost of long-term care continuing to increase year after year, these insurance policies become a greater asset and investment.

It’s a good idea to think about it as an investment rather than a cost. While it’s certainly true a person may never need long-term care, if they do (and the odds are increasing as more people live longer), it can completely wipe them out financially if they don’t plan properly.

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