The baby boomer generation is retiring and that means there are more seniors as a percentage of the overall population in the United States than there were in previous years. In fact, it is anticipated that within a few short years seniors will account for a full 1/5 (20%) of the overall population in the country.
Because of that increase in aging seniors, there’s also going to continue being an increased need for long-term care. There are many different types of long-term care, including assisted living, nursing home facilities, and in-home care support services.
Basic economics teaches us about supply and demand.
Supply and demand economics essentially states that when demand for any service or product is increased, and supply is diminished, the cost will increase. As more seniors begin demanding or requiring long-term care, no matter what type it is, there will be fewer beds available at nursing homes, fewer rooms open at assisted living facilities, and fewer home care aides available in many communities.
That means the cost will increase. That means for those who don’t qualify for financial support through the federal government or other options may have an extremely difficult time paying for it.
For example, Medicaid is not going to begin paying for nursing home care for someone until they have exhausted all of their assets, which may include their primary residence.
How can you protect yourself from these challenges?
Consider a long-term care insurance policy now. If you have never thought about long-term care insurance, never even realized it was available, there’s no time to wait. If you are in your mid to late 40’s, 50’s, or early 60’s, the longer you wait the more expensive a long-term care insurance policy may become. Get a quote and find out what it costs. In some cases, depending on your health, family history, and other factors, you could be denied a long-term care insurance policy.
When you qualify for one and begin carrying long-term care insurance, if there comes a time in your Golden Years when you require some type of long-term care, that policy could potentially save you financially. It could help you protect your retirement portfolio, assets, house, savings, and much more.
For those who are planning for retirement, saving and building investments, long-term care insurance can help protect all of that. If you fail to recognize the inherent value of long-term care insurance policy offers, you could be faced with a shocking price tag for long-term care. For example, in Alaska, nursing home care in a private room exceeds $350,000 per year.
Help protect yourself against that sticker shock.
If you or a loved-one are considering Long-Term Care Insurance Quote in Rancho Bernardo CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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