Start Your NEW Future Plan with Long-Term Care Insurance

By Steve Elliott | January 2, 2024 | Comments Off on Start Your NEW Future Plan with Long-Term Care Insurance

As we begin moving through a new year, a lot of changes could be taking place in your life. You may have witnessed an aging parent or grandparent struggle with end-of-life care. You might be turning 50 this year, 55, or some other milestone age and suddenly feel as though life is flying by too fast. However far (or near) into the future retirement is, you want to plan better. That’s why you need to look at long-term care insurance now.

Long-Term Care Insurance Oceanside CA - Start Your NEW Future Plan with Long-Term Care Insurance

Long-Term Care Insurance Oceanside CA – Start Your NEW Future Plan with Long-Term Care Insurance

If you have been working toward retirement, planning diligently, saving, investing, and so much more, you might be wondering if all of that has been enough. You keep turning on the news, opening up some websites, and seeing headlines about one financial expert or another discussing tough times ahead.

It would be easier to just stick our head in the sand and forget about things, assuming you would have enough in a pension, Social Security, 401(k), and other savings (and that may very well be true), but one thing few people think or talk about when they are in their 40s or 50s is the prospect of long-term care in the future.

Most people incorrectly assume that long-term care expenses would be covered.

Initially, they think that their primary health insurance is going to cover long-term care expenses. Unfortunately, that’s not the case with most policies. Other people assume Medicaid or Medicare is going to cover that, but they won’t.

In most states, Medicaid only covers one type of long-term care (nursing home care) but only after the individual has exhausted all of their available savings and assets. That might include investments, annuities, savings, and other assets that can be converted into cash.

Imagine spending almost everything you saved your entire life on long-term care. That would cause so much stress and hardship during the years when you’re supposed to be enjoying life as best you can.

Now is the time to develop a new plan for your future.

When we ring in New Year’s, we often make resolutions. Promises to ourselves about changes that would benefit us now and into the future. One of those resolutions might be to invest better, be more diligent about your finances, and make sure you are all set for those retirement years, whether they are coming in just a few short years, a decade, 20, or more years down the road.

What is long-term care insurance?

This is a type of insurance that would cover long-term care expenses — after a designated waiting period, such as 90 days — in the event you or your spouse or other legal dependent require it in the future.
In some states, long-term care can cost upwards of $300,000 or more. That’s a staggering amount of money most people have no clue how they would cover (it) personally. Most others would be financially devastated to have to pay for that out-of-pocket.

Now that we are into a new year, resolve (you didn’t think they only could be made for New Year’s Day, did you?) to start a long-term care insurance policy as soon as possible. That would be a great start with a new future financial plan to protect you, your spouse or other loved one, and your future.

If you or a loved one are considering Long-Term Care Insurance in Oceanside CA, please get in touch with 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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