Planning for the Future Should Include Long-Term Care Concerns

By Steve Elliott | January 5, 2021 | Comments Off on Planning for the Future Should Include Long-Term Care Concerns

More than three quarters of full-time working adults today are living paycheck to paycheck (CNBC). That means three out of every four people you pass on the street or know personally (who are working full-time jobs) might very well scramble to come up with $400, minimum, to cover an emergency expense.

Long-Term Care Insurance Cost Del Mar CA - Planning for the Future Should Include Long-Term Care Concerns

Long-Term Care Insurance Cost Del Mar CA – Planning for the Future Should Include Long-Term Care Concerns

Most of the time people will put these expenses on credit cards. That makes life interesting, especially when those unexpected mishaps and emergencies pop up.

But what about the future? Many people talk about retirement, dream about traveling, taking on certain hobbies they always put off, and being able to sit back and relax when they hit 65 or 67 (the current official age to begin drawing on Social Security) or whatever official age it will be in 10 or 15 years.

It’s great to have plans.

Plans are important. No business survives without solid goals and plans in place. Something measurable is better than more abstract, and when it comes to retirement years, you need to have good plans in place, otherwise you could find yourself working well into your 70s when you always assumed you would be relaxing, spending time with grandkids, playing golf, or just going for leisurely strolls in the afternoon.

What might the future hold for you if you don’t plan properly?

That is an important question. Most people might work for an employer who contributes to a 401(k). That sounds all well and good, but what if you suffer a major medical emergency during those retirement years?

While you may have health insurance and not a large deductible or co-pay, what about long-term care? What if you had a stroke or were involved in a serious accident and required long-term care for, let’s say, two years?

Would you be able to afford that? A lot of people assume Medicaid would pay for it, but that’s not going to happen, not until and unless you use up all your assets, which would include your primary home to pay for it.

If you have equity in your house at that time, Medicaid would require you to use up that before it will step in and cover long-term care expenses. With the average cost of nursing home care closing quickly on $100,000 in the United States, how would that impact your retirement if you had to cover that for two years?

This is why long-term care insurance is so important.

Do not underestimate the impact long-term care costs can and do have on life. If you don’t plan on it, you’re rolling the dice. If you don’t plan on it, you won’t look into long-term care insurance.

If you do plan properly, long-term care insurance will become an integral part of your future plans.

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