Protect Retirement Savings with Long-Term Care Insurance

By Steve Elliott | April 5, 2022 | Comments Off on Protect Retirement Savings with Long-Term Care Insurance

Financially, there’s a lot to stress about these days. As the stock market hovers near all-time highs, certain economists and forecasters claim that a recession is not in the works. But the reality is simple: we are sitting on a huge bubble, and it’s going to burst. You may be worried about your retirement savings, seeing how quickly money can fly out of your hands with rising inflation and skyrocketing energy costs. You might not have thought about long-term care insurance before, but this is the perfect time to do so. Long-term care costs can out way long-term care insurance cost.

Why long-term care insurance cost can protect your savings?

The rising cost of long-term care.

Long-Term Care Insurance Cost Carlsbad CA - Protect Retirement Savings with Long-Term Care Insurance

Long-Term Care Insurance Cost Carlsbad CA – Protect Retirement Savings with Long-Term Care Insurance

Senior care, including companion home care, nursing care, assisted living, and many other options are in high demand. That’s because the baby boomer generation is retiring, placing increased pressure on this industry.

On top of that, you have more people living longer because of advanced healthcare. It’s the perfect recipe for increased demand boosting the price of various types of senior care.

Most people have no idea just how much long-term care could cost. They assume their primary health insurance will cover it, or at the very least, Medicaid will pick up the tab. In most cases, though, Medicaid is only going to cover long-term care costs for nursing home care, and it’s only going to do that after the senior has used up all their available savings and other assets, which often includes the equity they have built up in their primary residence.

One small mishap or medical issue can change everything.

You may feel as though life is great, it’s wonderful, you may be in your 40s or 50s, you and your spouse have just sent your youngest off to college, and you’re now looking toward your goals of retirement. There’s no possible way you or your spouse will ever need long-term care, at least not in your thoughts or from your perspective at this stage in your life.

However, things can change very quickly. People discover that all the time these days. Being diagnosed with cancer, Alzheimer’s, or being involved in an automobile accident even though you were completely diligent behind the wheel.

You can’t control what tomorrow will bring, and sometimes what it brings is a long, difficult road to recovery that can take up everything you have saved and invested over the past 20, 30, or 40 years.

Long-term care insurance can help.

It can provide coverage for many different types of senior care for up to three years, depending on the policy you choose. The sooner you start the policy, the more cost-effective it may be. The longer you wait, the greater the risk of being denied coverage, especially as you move into and through your 60s.
If you are in your early to mid 50s, now is the optimal time to look into the expense of long-term care insurance cost. If you’re in your late 50s or early 60s, the best time was yesterday, but the second best time is right now.

Find out how long-term care insurance could help you avoid at least one aspect of worry and stress involving your retirement finances.

If you or a loved one are considering a 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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