Resolve to Protect Your Future with Long-Term Care Insurance

By Steve Elliott | December 18, 2023 | Comments Off on Resolve to Protect Your Future with Long-Term Care Insurance

If you’re one of the millions upon millions of Americans who make New Year’s resolutions, it’s never too early and it’s never too late. Many people — as they get older, grow wiser, or even more cynical — give up on New Year’s resolutions simply because they never keep them. One key resolution that men and women in their early to mid-50s should make this year, even if it is already past New Year’s Day, is to focus on long-term care insurance.

Long-Term Care Insurance Encinitas CA - Resolve to Protect Your Future with Long-Term Care Insurance

Long-Term Care Insurance Encinitas CA – Resolve to Protect Your Future with Long-Term Care Insurance

It’s almost a running joke these days with so many people “resolving” to change some or many aspects of their personal lives, only to have those resolutions survive a mere number of days or, if they are lucky and determined a few weeks.

Why long-term care insurance?

It’s simple. For those in their late 40s, early to mid-50s, and sometimes late 50s or early 60s, they have been investing or saving for retirement for a long time. Even those who have no retirement plan may very well have a 401(k) with their employer. Some may simply be counting on Social Security to help them during those Golden years of life.

What they don’t realize, what you may not realize, is that the need for long-term care may very well be real during retirement years. There is a 50/50 chance you and/or your spouse will require some type of long-term care if you both live to 80.

Do you know the cost of long-term care right now?

Most people don’t. They simply have no idea how much long-term care costs these days. They don’t think it’s all that important, but it is, ultimately, one of the most important things to focus on when planning for retirement.

The cost of long-term care can range from anywhere around $50,000 a year for full-time in-home care to well over $300,000 for nursing home care, depending on where you live.

Imagine trying to pay for that on your own. Most people would be financially devastated if they had to cover those expenses out of their pocket (or accounts, savings, and investments).

Many people incorrectly assume their insurance or Medicaid will cover it.

It’s a complicated answer, but basically, most health insurance policies do not cover long-term care. On top of that, Medicaid and Medicare are going to cover those expenses, either, until all individual savings and assets have been exhausted.

Instead of hoping for the best and playing Russian roulette with your future, a future that has already placed the odds at 50/50 that you or your spouse will require some type of long-term care in the future, now is the time to make a New Year’s resolution to invest in long-term care insurance.

What does this insurance cover?

That depends on the policy, but for the most part, if you choose a good policy, you should be able to choose what type of elder care you and/or your spouse rely on if that time comes.

That can save both of you a great deal of grief and financial strain during a time in your life when you should be relaxing and enjoying your retirement years.

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

Steve Elliott
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