How Can LTCI Help Avoid Financial Ruin During Your Golden Years?

By Steve Elliott | August 23, 2023 | Comments Off on How Can LTCI Help Avoid Financial Ruin During Your Golden Years?

Do you ever think about financial ruin during your retirement years? Of course not. Well, maybe some people worry about retirement and start looking at their 401(k), their pension, or maybe even the economic conditions at that time and wonder if they will actually be able to retire. Some people worry about how their health conditions are or will be in the future. A policy to cover long-term care and the long-term care insurance cost should be considered.

Long-Term Care Insurance Cost Carlsbad CA - How Can LTCI Help Avoid Financial Ruin During Your Golden Years?

Long-Term Care Insurance Cost Carlsbad CA – How Can LTCI Help Avoid Financial Ruin During Your Golden Years?

Go to a Walmart, a grocery storcosts-of-long-term-care-services-in-california/e, or any number of other retail outlets and you will see people who are in their 70s and sometimes even their 80s working. Why are they working still? Some might enjoy the responsibility, it might be a way for them to stay busy. Most, though, are simply still trying to support themselves.

But, if you have been investing and saving wisely, planning for your financial future during retirement, you shouldn’t have to worry all that much about it, right?

Let’s not get too far ahead of ourselves.

Just because the economy is moving along somewhat decently right now doesn’t mean it’s going to remain that way forever. Recessions always come. They are just a natural part of economic life.

But, there are other things that could derail your retirement, your golden years, forcing you to have to reevaluate what you’re doing, what you are willing to do, or whether or not you’ll have to go back to work.

One of those factors that, unfortunately, derail too many retirement plans involves requiring long-term care. It could be the result of a heart attack or stroke, a long bout of pneumonia, or even an injury sustained in a car accident, a topple down the stairs, or some other major incident.

Imagine being in your early 70s, having only retired a couple of years earlier, and spending four or more weeks in the hospital before heading off to a nursing home for months. Then, once your body started to slowly recover enough to be released, you had to look at in-home care support, physical therapy, and a litany of other challenges you never thought you’d have at this stage in your life.

Who is going to pay for all that? Don’t assume your health insurance is going to cover it because most don’t. They only cover short-term care, not long-term care. And Medicaid? If you assume Medicaid covers everything, you’re assuming wrong. And that can be a financially devastating mistake to make.

That’s why long-term care insurance is so important.

When you have insurance for long-term care, you can avoid financial ruin if you or your spouse or other legal dependent requires long-term care in the future. While you are focused on retirement, tragedy, health catastrophes, or other unexpected circumstances could hit you at any time.

Just because they can blindside you health-wise doesn’t mean you should be blindsided financially. When you are investing, saving, and planning for retirement, you should also be focused on protecting it with the right insurance policy. A quality long-term care insurance policy that would cover you for up to three years of long-term care is a great starting point and if you are in your early to mid-50s, this is the right time to get that policy started.

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 at (858) 350-3161.

Steve Elliott
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