George Didn’t Bother with Long-Term Care Insurance, and This Is What Happened in His Early 70’s …

By Steve Elliott | July 9, 2018 | Comments Off on George Didn’t Bother with Long-Term Care Insurance, and This Is What Happened in His Early 70’s …

George was the kind of frugal individual who couldn’t stand spending money frivolously. He saw various types of insurance as being ‘frivolous’ as well. Even though he had been told about long-term care insurance from the time he was in his early 50’s, and even though at that time he was in pretty good health and would have been approved, he scoffed at the notion.

Long-Term Care Insurance Quote Rancho Bernardo CA - George Didn’t Bother with Long-Term Care Insurance, and This Is What Happened in His Early 70's …

Long-Term Care Insurance Quote Rancho Bernardo CA – George Didn’t Bother with Long-Term Care Insurance, and This Is What Happened in His Early 70’s …

“Why would I bother with something I’m never going to use?”

That was his common question when the topic came up. Surprisingly, an adult son of his who was a financial advisor brought up the topic one afternoon only to be met with that question. Also, his own financial advisor recommended long-term care insurance on more than one occasion.

George felt strong. He was in good health. He had good genetics. He wasn’t worried. He had saved, built up an impressive retirement portfolio, and finally retired at 64 with more than ¾ of a million dollars in his portfolio. It was quite an impressive retirement fund.

When he was 71, though, George had a stroke. It was a significant health emergency that left him disabled, relying on others, and since he was divorced, had been quite frugal, and was a relatively unforgiving individual, he found himself alone. He spent more than two years in a nursing home struggling to regain some mobility, ability to communicate, and take care of himself to some degree, and that cost him over a quarter million dollars.

After that, he needed around-the-clock care, a visiting nurse, and numerous other health services that were going to cost him out-of-pocket because his health insurance wasn’t going to cover enough (and Medicare and Medicaid wouldn’t kick in until he had exhausted his assets. By the time he was 76, his retirement fund was almost gone.

Of course, a long-term care insurance policy would not have protected $750k, but it could have gone a long way toward protecting some of it.

Many people are not going to retire with the kind of money George had, which is why considering long-term care insurance is so important. A person in George’s position, without his financial resources, could have been completely wiped out in short order.

For those who spend most of their adult life raising a family, saving money, and planning for retirement, to realize all of that could be wiped out with one slip and fall accident, heart attack or stroke, or some other emergency that suddenly finds them needing long-term care, it becomes clear why this type of insurance can be so important.

If you or a loved-one are considering a Long-Term Care Insurance Quote in Rancho Bernardo 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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