With Dramatically Changing Economic Times, Is Long-Term Care Insurance Still Important to Consider?
You may have been working since right out of college. Putting in 50, 60, and sometimes 70 hours a week to build your career, save for the future, and, as you moved through your 30’s and 40’s, possibly even saving for retirement. That’s been responsible.
Long-Term Care Insurance Cost Del Mar CA – With Dramatically Changing Economic Times, Is Long-Term Care Insurance Still Important to Consider?
Now, though, with COVID-19, also known as the coronavirus, impacting almost every aspect of the economy, you may be worried about those retirement investments and funds.
As a result, you may be cutting back on nonessential expenses and worrying about whether or not the money you have invested elsewhere is best serving your future interests.
Right now, you may have recently considered long-term care insurance. It is a valuable form of insurance that is commonly overlooked. Yet, now your mind may be focused on other things, more immediate issues.
Is long-term care insurance still important?
Consider what’s happening for thousands of people across the country. Those who have gotten sick from the coronavirus and been hospitalized may not have to worry about the fiscal impact on their life as the federal government has promised to cover the expenses for uninsured or underinsured individuals, but what about the rest of their life?
Some of these men and women may be facing a long road to recovery. Are those costs going to be covered? It’s unclear. And, to be honest, that uncertainty is wrapped up in a nation driving itself deeper and deeper into debt.
Ten, 15, or 20 years from now, the cost of long-term care is likely to be far greater than it is today. It’s anticipated to outpace inflation, which stands to rise steadily in the next decade or more.
Will you be able to afford long-term care in the event it’s needed? Whether it’s for you or your spouse, do you have any idea just how much long-term care costs are today?
The average cost of nursing home care in the country is $85,000 and quickly rising. In Alaska alone the average cost is over $300,000 per year.
Just how long could you pay for that out-of-pocket?
Wouldn’t Medicare or Medicaid cover it? No. The common misconception too many people have is that Medicare and Medicaid would cover nursing home expenses if they are over 67. That will only happen if and when all of your assets are first used up.
Long-term care insurance is vital for any economic environment, and despite what’s going on with COVID-19, it’s still an important insurance to consider for you and your family.
If you or a loved-one are considering Long-Term Care Insurance Cost in Del Mar CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
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