New Year, New Focus: Why Long-Term Care Could Destroy a Family Financially

By Steve Elliott | January 2, 2019 | Comments Off on New Year, New Focus: Why Long-Term Care Could Destroy a Family Financially

The New Year is just about upon us and that’s a time when many people make resolutions. These resolutions are intended to improve their life, future, activity, relationships, and so forth. Those who may be seeking to improve their financial standing or future would do well to consider long-term care insurance.

Why consider the impact long-term care might have?

Long-Term Care Insurance Carlsbad CA - New Year, New Focus: Why Long-Term Care Could Destroy a Family Financially

Long-Term Care Insurance Carlsbad CA – New Year, New Focus: Why Long-Term Care Could Destroy a Family Financially

A family of four, for example, will likely include two parents and two children. Those parents might be in their 40’s, working, saving, and doing everything properly to prepare for their future. They might be investing in a 401(k) or other retirement portfolio. They may be saving for college.

They are fit, healthy, and energetic. They play sports, exercise, watch what they eat, and get regular physicals from their doctor. They have been given a clean bill of health and basically have a family history of strong genetics. In other words, they have nothing to worry about as far as health issues.

In fact, even all of their parents are still alive, healthy, and active in their early 70’s. There’s absolutely no indication they would need any type of long-term care, either in the immediate or distant future. So why bother contemplating long-term care insurance now?

Tomorrow is unknown.

No one can predict the future. Even meteorologists struggle to accurately predict weather patterns, though they have improved technology, they are often caught surprised by a shift in the pattern, the severity of the storms, or how it might actually impact their viewing audience. Since even meteorologists are often wrong, even at the last minute, what does that say about people who assume just because they are in good health right now they won’t have a problem tomorrow, next month, next year, or even in 10 years?

A family that is saving for the future might find themselves needing long-term care far before they would’ve ever dreamed possible. Long-term care costs are unpredictable, but the one thing they are consistent on … is they are increasing. That’s about the only thing anyone can count on: higher costs.

The unpredictability involves a number of factors, including the baby boomer generation that is now retiring, thus placing more demands on home care and other support services. Those increased demands will lead to increased costs.

So, what about for that fortysomething couple looking to the future?

By the time they retire, the demand spike for home care and other long-term support services will be over, but the elevated costs will remain. Long-term care insurance can help stave off financial ruin for those families planning for the future.

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