Three Ways to Begin Thinking About Long-Term Care Insurance

By Steve Elliott | April 17, 2017 | Comments Off on Three Ways to Begin Thinking About Long-Term Care Insurance

Okay, you haven’t really been thinking about long-term care yet, so you probably have not thought about long-term care insurance. When you come across this topic you may assume it’s not for you. After all, you might be in your 40’s or 50’s and have no intention of relying on home care support services or any other type of long-term care.

Most people don’t.

Long-Term Care Insurance Companies Oceanside CA - Three Ways to Begin Thinking About Long-Term Care Insurance

Long-Term Care Insurance Companies Oceanside CA – Three Ways to Begin Thinking About Long-Term Care Insurance

Most people, even into their 60’s and 70’s, don’t ever think they will need long-term care. They feel good enough and even though they may experience their body changing, growing weaker, they never really think they’ll need physical support of that nature, at least not on a daily basis.

However, you might need this at some point in the future. That’s why it’s so important to begin thinking about long-term care insurance while it’s still affordable and available to you. When you reach a certain age and are dealing with certain health issues, it may no longer be a financially feasible option.

Below are three ways you should consider thinking about long-term care insurance, either for yourself, someone in your family, or you and your spouse.

1. Don’t think about it as an expense.

When you’re going to be spending money, you’re probably thinking about those things as expenses. While not an investment, it could actually be similar to a true investment. If you require long-term care in your late 70’s following a heart attack or stroke, for example, how much could that cost over a two-year period?

If you were to hire home care support services, full-time care would probably cost you at least $45,000. If you needed a nursing home that could be upwards of $75,000 or more every year. If you were to spend money on long-term care insurance now, which ultimately costs you a few thousand dollars over the years, you could ultimately save hundreds of thousands of dollars if you need long-term care.

2. No, it might not be needed, but neither would auto insurance.

Auto insurance is a law. You have to have it when you have a registered vehicle on the road. However, if you were given the choice of carrying auto insurance, would you?

Most people would because they understand there are risk factors out there every time they drive down the road. There are also risk factors for you or your family members who may need some type of long-term care, even after a devastating accident no one could have predicted.

3. Can you afford long-term care?

As the cost of long-term care continues to increase, you need to take an honest assessment about whether or not you could actually afford it for you and your family. If not, long-term care insurance is something to seriously consider carrying now.

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