When Do You Start Planning for Possible Need of Long-Term Care?

By Steve Elliott | September 6, 2023 | Comments Off on When Do You Start Planning for Possible Need of Long-Term Care?

Are you a planner? Are you somebody who needs to know every detail or have an idea of where you’re going to be a year from now, five years from now, or 10 years from now? Or are you just somebody who is planning for retirement, but hasn’t really gotten the chance to sit down and figure out what that’s going to look like when you finally reach the age of retirement? Have you considered the possibility of needing long-term care or have you gotten a long-term care insurance quote?

Long-Term Care Insurance Quote Oceanside CA - When Do You Start Planning for Possible Need of Long-Term Care?

Long-Term Care Insurance Quote Oceanside CA – When Do You Start Planning for Possible Need of Long-Term Care?

Most Americans have a general idea about retirement. They won’t be working anymore. They will be able to step away from work and “enjoy life,” finally.

But what does that mean? What does it mean to “enjoy life?” Does it mean you’re going to travel? Does it mean that just not going to work every day is going to be enjoyable for you? Does it mean you and your spouse, partner, best friends, or others can take cruises, travel the country or around the world, or do other things you put off during your working life?

All of that can be great. Each person is different so what one person considers a high quality of life and enjoyable another person will see as boring. That’s what makes us unique. That’s what makes us individuals. We can all have different preferences and definitions of what quality of life is and how it looks.

But, are you planning properly for those golden years of life? In other words, are you taking into consideration the very real possibility that you or your spouse or other legal dependent may require some type of long-term care in your late 60s, 70s, or 80s?

Most people don’t. That is the sad reality of life these days. Most people aren’t even that invested in their 401(k). Yes, they have a certain percentage of their income invested into a company 401(k), but they have no idea where their money is, how it’s working for them, or what it’s going to look like once they reach retirement age aside from how much they will be able to withdraw from it each year.

That’s it. The harsh reality is that life gets in the way. It has probably happened to you many times throughout your working career. You had certain plans and expectations, but then things happened.

Will you need long-term care in the future? That’s one of the first questions you should be asking yourself. You don’t know the answer, even if you assume you won’t. Well, more than half of seniors in their 70s require long-term care.

What will the cost of long-term care be in the future?

If you don’t even know what long-term care costs are today, you can’t possibly have any clue what they will be five, 10, or even 20 years from now. Depending on the type of long-term care, it could range from about $50,000 per year to well over $300,000 annually.

When is it time to start looking for a long-term care insurance policy?

The best time is in your early to mid-50s. By 55, you should have a good idea of what long-term care insurance is, and how much it will cost you, and be ready to start the policy. If you want to plan for the future, you have to plan for the contingencies and the unexpected expenses that could leave you without the funds to live the kind of life you want during those later years of life.

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