How Long-Term Care Insurance Saved One Family from Financial Ruin

By Steve Elliott | August 13, 2018 | Comments Off on How Long-Term Care Insurance Saved One Family from Financial Ruin

The day started out just like any other for the Davis family. Ronald and Sylvia Davis were enjoying retirement. They had both worked hard building a business and, when they were 67, they handed the reins over to their adult children and walked away. They traveled, they visited their children and grandchildren, and spent quality time with friends. Things were going great until one afternoon when almost everything changed. It was in those moments in the weeks, months, and two years that followed that made it clear Sylvia had made the right decision about long-term care insurance more than a decade earlier.

Long-Term Care Insurance Premiums Del Mar CA - How Long-Term Care Insurance Saved One Family from Financial Ruin

Long-Term Care Insurance Premiums Del Mar CA – How Long-Term Care Insurance Saved One Family from Financial Ruin

At the time, their children questioned this extra “expense.”

Their adult children were heavily involved in the day-to-day business operations and, therefore, also had access to some of the personal expenses and bills their parents paid. One morning, their adult daughter was going through the books and saw a payment to an insurance company that was labeled ‘LTCI.’

She questioned this and found out it meant long-term care insurance. “What do you need that for?” she asked her mother and father. They explained that even though they were in their early 60’s, there could come a time when they would need long-term care. They believed this insurance was helping to protect them and the hard work they had put in most of their life.

Their children encouraged them to save the premiums of $129 a month and invest it rather than putting it towards an insurance policy (they never thought their parents would or could use). Ronald and Sylvia held firm.

Then the accident happened.

They were struck at an intersection by someone running a red light. Both Ronald and Sylvia spent quite some time in the hospital and while Sylvia suffered less serious injuries, she still needed help once she was discharged. Ronald was going to require physical therapy and many months of support.

They relied on professional and experienced home health care providers that could have cost them more than $62,000 per year for two years (for the two of them). That could have financially devastated them, but they had a long-term care insurance policy that covered the majority of those expenses.

Their family quickly realized the value of long-term care insurance.

If either one of them or both required nursing home care, the cost of that care could’ve easily doubled what they actually incurred.

Long-term care insurance may not seem necessary to some on the outside, but it can protect a life’s work and savings in the event long-term care is needed. The older people get, the more likely they will require long-term care.

If you or a loved-one are considering a Long-Term Care Insurance Premiums 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
Latest posts by Steve Elliott (see all)
Posted in Long-Term Care Insurance Policy Information, Long-Term Care Insurance Premiums Del Mar CA and tagged