Overlooking Long-Term Care Insurance May be About More Than Just Money

By Steve Elliott | April 16, 2018 | Comments Off on Overlooking Long-Term Care Insurance May be About More Than Just Money

One of the easiest things in the world for some people to do, especially when their financial resources are limited, is to skip certain types of insurance. Renter’s insurance is a type of insurance that far too many renters in the United States simply avoid because they either don’t think it’s necessary, never assume they will ever be a victim of a burglary, fire, flood, or other natural disaster, or can’t seem to justify spending that kind of money on insurance. There are other types of insurance, too, that people often overlook, including life insurance and long-term care insurance.

Long-Term Care Insurance Encinitas CA - Overlooking Long-Term Care Insurance May be About More Than Just Money

Long-Term Care Insurance Encinitas CA – Overlooking Long-Term Care Insurance May be About More Than Just Money

Unfortunately, many never even realize long-term care insurance is available.

For those who understand what long-term care is, they might not see it as a reasonable expectation for their future. They see themselves as strong enough, healthy enough, and capable of taking care of themselves or leaning on their spouse in the future. They don’t think spending $100 per month, possibly even more, is reasonable for something they might not even need, if at all, for decades.

Life insurance is something that, assuming a person will pay into the policy consistently, maintaining it for the rest of their life, will eventually pay out. Some people point to long-term care insurance and claim that if they never need any type of long-term care, then what was the point of investing in this type of insurance policy in the first place?

Well, let’s put it this way, a person could pay into a long-term care insurance policy at $100 per month for 30 years. That might equal about $36,000. For those skeptics or pessimists, that’s a lot of money that could have been invested in other areas of their life.

However, 30 years after starting the policy, what if that individual suffered a major medical emergency like a stroke or was involved in an accident and suddenly needed long-term care, for example, for three years. If the average long-term care cost is $75,000 per year, that’s $225,000 this individual would suddenly have to pay out-of-pocket himself or herself, exhausting even their mortgage, if need be, before government assistance would even kick in.

When viewed from that angle, it’s clear that this is about more than just saving a little bit of money in the short term; it’s about protecting one’s investment, their life’s work and savings, from the very real possibility of requiring long-term care at some point in the future.

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