Do you know much about long-term care insurance? If you’re reading this blog, then probably not. Don’t worry, most people don’t. However, if you have supported an aging parent, grandparent, or somebody else in your family through a difficult long-term care situation, you have a pretty good idea why it’s important to at least consider this type of insurance.
The cost of long-term care can be tremendous. In fact, if you live in Alaska and require a lengthy nursing home stay, guess what? You could be paying more than $300,000 each year.
Across the country, the average cost of assisted living is around $75,000. For nursing homes, it’s around $85,000. Even full-time in-home care support services can run you $55,000.
The cost is only going to increase.
Inflation is about to run rampant. We may not be hearing much about it in the news, but basic economics dictates that when a nation’s debt outpaces its GDP, and it continues to print money for various stimulus and social programs beyond what it brings in with revenue, there’s only one thing that can happen: inflation will rise.
That means the cost of long-term care is only going to increase. In fact, when you compound these economic factors with an aging population, supply and demand economics comes into play, too.
This is going to place even more pressure on the industry. That means if you hope to retire in 15 or 20 years, the cost of long-term care is going to be much higher than it is now.
Imagine paying for that out-of-pocket.
Too many people assume Medicare or Medicaid is going to pay for long-term care once they reach retirement age. That won’t happen until all personal assets have been used first.
So, in the event you require nursing home care for five years, for example, you will have to pay for it yourself using your savings, retirement investments, and even the equity in your home before the federal government will begin covering those expenses.
And, if things continue along the track they are with regard to national debt and federal spending, whatever Medicare or Medicaid might even cover could be much lower than it is now.
When you have long-term care insurance, though, you are offering some protection to your savings and investments, your home, and your dependents in the event long-term care is needed. The sooner you begin a long-term care insurance policy, the more affordable it should be. Speak to our qualified and experienced agent today, get a quote and discover how important it is to consider this insurance now.
If you or a loved-one are considering Long-Term Care Insurance Quote in Carlsbad CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
- One Reason So Many Seniors Don’t Have Long-Term Care Insurance - September 21, 2020
- Why Long-Term Care Insurance is Vital When Caring for an Aging Loved One - September 14, 2020
- How Ignoring Long-Term Insurance May Affect You in the Future - September 8, 2020