Inflation is the kind of word most people don’t want to hear in casual conversation. That’s because when inflation increases, it raises the cost of goods and services. Due to the nature of economics, there is really nothing that can be done to stop inflation, but when it is on the rise, outpacing income, Social Security increases, and even pensions, it can be frustrating and even unsettling to those who are approaching or have reached retirement age. One aspect of proper retirement planning that commonly gets overlooked, though, is the rising costs of long-term care.
How much will long-term care cost in 10 years?
A person may be in great health at the moment, but is that going to remain the case in five years? What about 10 years?
If the average cost of nursing home care is between $75,000 and $85,000 right now, what will it be in 10 years? Some estimates put those averages well over six digits, or $100,000 per year. Is that affordable?
For the vast majority of Americans, they don’t have enough saved for their retirement and may have to return to work in their 70’s. Some people work through their 70’s because they enjoy what they do, but there are plenty who would rather be home, enjoying life, traveling, visiting with grandchildren, and so on.
That’s why long-term care insurance is so important.
Long-term care insurance is a type of insurance that is commonly overlooked because too many people don’t think it’s necessary. Almost everyone understands their own mortality and therefore the value in life insurance, but why would somebody need long-term care insurance if they are completely healthy?
What if they never use it?
It is this question that commonly leads people to underestimate the importance of long-term care insurance. If this type of policy is not used, it’s not like life insurance where eventually it will pay out, but then again how is that any different than homeowner’s or renter’s insurance? There may never be a fire, flood damage, or even a burglary, so was the insurance really a waste of money?
Most people would readily admit no, it is not a waste of resources but a valuable investment in protection.
And that’s exactly what long-term care insurance offers: an investment in protection for the future. More and more people prefer to remain at home, even if they are dealing with injuries, recovery, major health issues, or simply the result of diminished strength as they age. When that happens, they may need home care or look to other options, including assisted living. Long-term care insurance can help protect a person’s financial future against such very real possibilities.
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.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
Latest posts by Steve Elliott (see all)
- How Much Could It Cost You to Pay for Long-Term Care Out-of-Pocket? - February 11, 2019
- Making Long-Term Care Insurance Part of Your Future Plans Means a Solid Health Care Focus - February 5, 2019
- Three Reasons It’s So Easy to Overlook the Value of Long-Term Care Insurance - January 28, 2019