Is Long-Term Care Insurance an ‘Unnecessary’ Expense in Economic Turmoil Times

By Steve Elliott | September 12, 2022 | Comments Off on Is Long-Term Care Insurance an ‘Unnecessary’ Expense in Economic Turmoil Times

At the moment, it appears as though the United States — and much of the rest of the world — is facing economic turmoil. Inflation has skyrocketed in the US. That has a direct impact on many other parts of the world, too, and they are all feeling the economic pinch. Now, it seems everyone is providing warnings about the coming economic pain we’re all about to experience. Caught up in all this, you might be considering long-term care insurance, but are now questioning whether that’s optimal at this stage in the game. Getting a long-term care insurance quote could help with your financial decisions.

Long-Term Care Insurance Quote San Diego CA - Is Long-Term Care Insurance an 'Unnecessary' Expense in Economic Turmoil Times

Long-Term Care Insurance Quote San Diego CA – Is Long-Term Care Insurance an ‘Unnecessary’ Expense in Economic Turmoil Times

No one really knows what’s going to happen in the next couple of years. Just a few short months ago, most financial so-called ‘experts’ were touting the economy was strong and inflation would be temporary. They kept talking about how we were not at risk of slipping into a recession, but much of that has gone away.

Do you really need long-term care insurance now?

That’s an important question to ask. Do you really need long-term care insurance at this moment? If you’re in your 30s or 40s, the most likely answer is no, but of course, you never really know what could happen tomorrow. People get involved in accidents and have health emergencies at all ages, and sometimes those can leave you dealing with recovery for months or even years.

How much long-term care could you afford at this stage in your life? Understand that your primary health insurance is not likely to cover those expenses. And you’re a long way before Medicaid would cover them, too.

If you’re in your 50s, now is the perfect time to begin a long-term care insurance policy. You might assume that since you’re in good health, have a clean bill of health from your doctor, and your spouse or partner is doing great as well that you don’t need it, but again, things can happen at any moment.
What you really need to ask yourself is can you afford long-term care now or 10 years from now?

How much could long-term care cost and would getting a long-term care insurance quote be helpful?

That depends on the type of long-term care. If you’re talking about nursing home care, which may be necessary if you have a stroke, a major medical emergency, or are injured in a serious car accident, for example, you could be on the hook for $85,000 to $300,000 a year, on average, depending on where you live.

That cost is only going to increase.

Too many people make assumptions about their health insurance, but most policies don’t cover long-term care expenses. Medicaid isn’t going to cover much of anything outside of nursing home care and that will only happen after you’re 67 and have used up all of your available savings and assets, which includes the value of your primary home.

So, even though the nation and maybe the world are tipping into a recession, don’t let that change your focus. If you’re in a good position financially and have saved for retirement, protect it with the right long-term care insurance policy and obtain a long-term care insurance quote.

If you or a loved one are considering a Long-Term Care Insurance Quote in San Diego CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

Steve Elliott
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