Reasons Long-Term Care Insurance Might Just Save Your Retirement

By Steve Elliott | May 15, 2023 | Comments Off on Reasons Long-Term Care Insurance Might Just Save Your Retirement

Tens of millions of Americans are saving for retirement. Even though many people believe they are in a great position for retirement in 10 or 20 years, things are going to change. Fast. But, for a moment, let’s forget about the economic turmoil our nation and the world face, often things that are bubbling under the surface that nobody is really paying much attention to. Instead, let’s think about what could happen to an aging senior or his or her spouse if they need long-term care during those golden years of retirement. Long-term care insurance coverage helps you with that situation.

Many people don’t realize that long-term care could cost them $50,000, $100,000, or even $300,000 or more right now annually. For most people, that could completely obliterate a big chunk, if not all, of their retirement investments and savings.

Now, look at four reasons why long-term care insurance might just save your retirement in the future.

Long-Term Care Insurance San Marcos CA - Reasons Long-Term Care Insurance Might Just Save Your Retirement

Long-Term Care Insurance San Marcos CA – Reasons Long-Term Care Insurance Might Just Save Your Retirement

Reason #1: Seventy percent of seniors will need long-term care in the future.
That’s right. Seventy percent of elderly men and women in their 70s, 80s, or 90s will need long-term care in the future. So, for the majority of people, especially as they live longer, there is a high likelihood they will need long-term care.

Reason #2: The rising cost of long-term care.
Most people incorrectly assume that their health insurance or Medicaid will cover these expenses, but they don’t. They only cover short-term care. When you mix that in with the reality of today’s cost of long-term care and then calculate inflation and supply and demand economics, you might just see some long-term care costs rising by 50% or even 100% or more from today’s rates in 10 or 15 years.

Reason #3: You or your spouse or partner will have the support they need.
Instead of worrying about what might happen tomorrow or wishing you could do more to support them, with a long-term care insurance policy, you’ll know they will have the support needed.
That can be a great relief that will not only help you emotionally, but it will also help your partner or spouse, allowing you to get the most out of your retirement years.

Reason #4: You won’t need to tap into your savings to pay for long-term care.
When you have the right long-term care insurance policy in place, after a designated wait period, which may be a few months or several weeks before the policy starts to pay out, you can choose the type of long-term care you or your spouse or partner prefer.

Whether it’s in-home care, assisted living, or you need nursing home care for several months, your policy will likely cover it, depending on the policy you choose.

That means you won’t have to tap into your savings or investments to cover these expenses. You will still be able to live the quality of life you planned on while working all those years.

Long-term care insurance is invaluable for people as they age and it can help protect retirement investments and savings, so don’t delay any longer.

If you or a loved one are considering Long-Term Care Insurance in San Marcos 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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