As Prices Rise, Should You Still Look into Long-Term Care Insurance?

By Steve Elliott | November 8, 2021 | Comments Off on As Prices Rise, Should You Still Look into Long-Term Care Insurance?

The warnings are being sounded. The bells being rung in the streets. An enemy is rearing its head. It’s time to close the gates, batten down the hatches, and hunker down! No, it’s not a dragon or an army bearing down on an unsuspecting city; it’s inflation, and it is spiraling out of control. Quickly. Regardless of what side of the political aisle you sit, you can’t escape the financial pain that inflation brings. Gas prices are climbing, the cost of food is accelerating, and the dollar simply won’t go as far as it had for much longer. Checking with long-term care insurance companies would also show how it is affecting  long-term care costs.

Long-Term Care Insurance Companies Carmel Valley CA – As Prices Rise, Should You Still Look into Long-Term Care Insurance?

Some people have been preparing for this for several years. Most have simply thought things would remain the same forever. It was not only naïve, but also foolish, to think such things. However, when you’re planning for the future, you have a lot to consider.

Cost of living increases are just a few of them. Retirement may be on the horizon for you, perhaps just a decade or less into the future. It can feel great to know that all your hard work and dedication will pay off when you can relax, unwind, and do the things you put off while raising children, working to save and invest, and preparing for this moment.

While you’re putting the finishing touches on your retirement plan, one thing should not be overlooked: long-term care expenses.

What are the current costs of long-term care?

Most people couldn’t answer that. If you’ve supported a grandparent or aging parent through long-term care, you might have an idea, but only a sample of an idea. It might have only been for a couple of options, including home care.

Guess what? Home care is not only one of the most preferred elder care options available, it’s also one of the most affordable. In truth, you or your spouse (or other dependent) might actually need a lot more than just home care in the future.

What if you or your spouse required a nursing home stay? Do you have any idea how much that might cost? Depending on where you live, that could range between an average of $75,000 to over $300,000. Per year!

And that’s only with today’s dollars; it doesn’t take into consideration inflation or even supply and demand economics. Remember, the baby boomer generation is retiring now and that means more seniors will require some type of long-term care in the coming years. That is going to drive up costs even more!

All of this is to make a point: long-term care insurance is still something to consider.

Just because inflation is swiftly cruising to hyperinflation and your dollar will likely afford you 10-20 percent less in a few years than it does now, that doesn’t mean you should ignore long-term care insurance. In truth, this is even more reason to focus on protecting your savings, assets, and investments from these expenses should you or your spouse or other dependent need long-term care in the coming years and you can learn more by contacting long-term care insurance companies for the current rates.

If you or a loved-one are considering Long-Term Care Insurance Companies in Carmel Valley 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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