When It Comes to Long-Term Care, Failing to Act Can Cost Almost Everything

By Steve Elliott | April 23, 2018 | Comments Off on When It Comes to Long-Term Care, Failing to Act Can Cost Almost Everything

78 percent of working Americans are living paycheck to paycheck (CNBC). That is a staggering statistic when one thinks about it. More than 56% of those surveyed admitted they were way in over their heads in debt, many of them to the point they couldn’t envision ever getting out from under it. When looking at numbers like this, it’s easy to realize so many people, possibly three quarters of working age adults in the United States, don’t have anything put away for retirement. Far less likely would be the prospect of these same men and women carrying certain types of insurance.

Long-Term Care Insurance Cost Carlsbad CA - When It Comes to Long-Term Care, Failing to Act Can Cost Almost Everything

Long-Term Care Insurance Cost Carlsbad CA – When It Comes to Long-Term Care, Failing to Act Can Cost Almost Everything

There are certainly plenty of reasons why some insurances are not necessary.

Pet insurance, for example, is not going to be practical for somebody who is barely able to cover their basic expenses. Carrying collision insurance for an automobile that is worth less than $1,500, paying up to $100 or $150 a month, is not practical, either. So, with that in mind, a lot of people would not even contemplate long-term care insurance and its costs.

Is this really a type of insurance to ignore?

As people get older, they will face increasing challenges. Many of these challenges are going to be directly health related. Some might involve mobility, taking care of themselves in a safe and healthy manner, and so on. A person in their 50’s might slip and fall while jogging and be severely injured. He might be unable to work for months and months and have to deal with physical therapy, leaning on family and friends for help, and would benefit from a home care aide.

Those risks are only going to increase as people get older.

When a person needs long-term care and doesn’t have the right insurance to help provide financial support in paying for it, the prospect of them actually leaning on an experienced home care aide or other caregiver, possibly even assisted living or nursing home care, will diminish. They will be relegated to hoping family and friends, possibly even neighbors, can help them out.

Even for those who have been diligently saving for retirement and still ignore the prospect of long-term care insurance, they might retire at 68 and suffer a stroke, heart attack, or serious injury a year or two later, thus needing long-term care. That could completely wipe out all of the money they saved for retirement in a matter of a year or two, if that.

Yes, there are some times when various types of insurance are not really necessary, but for somebody who is approaching 50, moving through their 50’s or heading into the 60’s, that time is no longer present when it comes to long-term care insurance.

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