Long-Term Care Cost Could Shock and Stress You Out

By Steve Elliott | April 18, 2022 | Comments Off on Long-Term Care Cost Could Shock and Stress You Out

April is Stress Awareness Month and you might very well be constantly stressed about making ends meet, wondering if the next paycheck is going to cover your expenses, or what you can do to protect yourself and your family in the future, but if you are also considering the prospect of paying for long-term care sometime in the future, you could be setting yourself up for even more stress in your 60s, 70s, or 80s. Now would be the time to get the facts from long-term care insurance companies.

Long-Term Care Insurance Companies Rancho Bernardo CA - Long-Term Care Cost Could Shock and Stress You Out

Long-Term Care Insurance Companies Rancho Bernardo CA – Long-Term Care Cost Could Shock and Stress You Out

If you’re like a lot of Americans, you are probably stressed, especially about the rising costs of basic goods and services. This is generally referred to as inflation, but currently, the country and many parts of the world are engulfed, and what is referred to as hyperinflation, is the rapid increase of basic prices for things. You might not be thinking about long-term care insurance right now, especially with elevated gas prices and food and everything else, but if you are in your 40s or 50s, it’s time to consider it.

Why worry about long-term care in the distant future?

You never know if it’s the “distant” future. It could be right around the corner. Honestly, no one knows what tomorrow will bring. You could be involved in an accident. You could suffer a major medical crisis like a stroke or aneurysm. You could find yourself in a coma for weeks or even months and then years of recovery.

Who is going to pay for all that? Most people assume their primary health insurance will do it, but in most cases, the majority of health insurance policies only cover short-term care, such as for a few weeks.
What about Medicaid? This will only begin covering long-term care expenses after you have used up all your available assets and savings first. This often includes whatever equity you have in your primary residence. Most people simply don’t realize these things until it’s too late.

But what if you’re barely able to afford to fill your gas tank?

If that’s the case, things are certainly tough. But you’re not alone. The overwhelming majority of full-time working adults in the United States are living paycheck to paycheck, so don’t feel bad about it if that’s what’s happening for you, too.

If you have been investing and saving for retirement for years, possibly even decades, you don’t want to risk losing it all having to pay for a nursing home, assisted living, or some other long-term care option that could cost you $50,000, $100,000, or even $300,000 every year.

Yes, that can be the cost of long-term care, depending on your needs, where you live, and other factors.
There’s nothing any of us can do about the rising costs of goods and services, or even how much the gas is costing right now. But make no mistake: as everything else increases in cost, so will long-term care. When you pile on the fact that the baby boomer generation is only now just starting to retire and that demand for these services will increase, you realize the cost is going to increase dramatically, too.

So, protect yourself now and at least consider a long-term care insurance policy and contact long-term care insurance companies to get the facts.

If you or a loved one are considering Long-Term Care Insurance Companies 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.

Steve Elliott
Latest posts by Steve Elliott (see all)
Posted in Long-Term Care Insurance Companies and tagged ,