What Could Happen During Retirement if You or Your Spouse Needs Long-Term Care?

By Steve Elliott | October 5, 2020 | Comments Off on What Could Happen During Retirement if You or Your Spouse Needs Long-Term Care?

Many Americans think about retirement. A lot. They might spend 20, 30, 40 years or more working full-time in order to save for retirement. Once they move into their 60’s, the dreams and ambitions of things they want to do during those years flood to the forefront of their mind.

Long-Term Care Insurance Rancho Penasquitos CA - What Could Happen During Retirement if You or Your Spouse Needs Long-Term Care?

Long-Term Care Insurance Rancho Penasquitos CA – What Could Happen During Retirement if You or Your Spouse Needs Long-Term Care?

They might have a 401(k), a pension, are planning on using some of their Social Security payments (if it’s still viable by the time they reach 67), investments in stocks, CDs, bonds, and so forth. While too many full-time working adults in this country are living paycheck to paycheck (78 percent, according to 2018 numbers published by CNBC), what about those men and women who are able to save and sock away enough funds the enjoy those Golden Years?

Life can be grand!

When some people retire, they travel, spend more time with grandkids, and even take up hobbies they always loved or wanted to try (but didn’t have the time to do while working). Every day can feel like a vacation!

But suppose something happens. An unexpected health issue strikes, like a heart attack or stroke. Or maybe they get involved in an accident. It could take months, possibly even a few years to recover fully. What if they can never regain their old ‘self,’ their strength, balance, or mobility?

That senior might suddenly require assistance regularly.

Who will pay for that help?

There’s a common misconception that Medicare or Medicaid will pay for long-term care. It won’t, not until and unless the senior uses up their personal assets. Medicare or Medicaid may cover short-term care expenses, such as for a few weeks, but for ongoing, regular support, a senior may even have to sell their home (or take out a reverse mortgage) to cover those expenses before Medicaid would kick in (and it will only cover certain, approved long-term options).

Within a few short years, even the best, soundest retirement savings could be completely wiped out. Obliterated.

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

Make no mistake about it; long-term care insurance is one of the most important insurance policies available that protects aging Americans and their retirement savings in the event they require long-term care.

Yet, it’s also one of the most overlooked. Not enough people in their 40’s or 50’s even know about long-term care insurance. It should be a topic that is covered by financial planning seminars and advisors and while some are talking about it, few people have even thought about what might happen if they or their spouse require long-term care during those blessed Golden Years.

Now you can. And when you do think about it, consider the value long-term care insurance offers.

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