It’s a Good Idea to Make Sure Long-Term Care Insurance Benefits Adjust for Inflation Over Time

By Steve Elliott | October 23, 2017 | Comments Off on It’s a Good Idea to Make Sure Long-Term Care Insurance Benefits Adjust for Inflation Over Time

Inflation continues to press forth. When you look back to a time when you were a child and the cost of bread, gasoline, or even a movie, you will likely be stunned at just how much more expensive things are today. Of course, there are many debates about whether or not people are earning more money than they were back then, but inflation takes a toll. When it comes to long-term care of any kind, be it home care, nursing home care, assisted living, or something else, the cost of these services will only increase, especially now.

Long-Term Care Insurance Premiums Oceanside CA - It’s a Good Idea to Make Sure Long-Term Care Insurance Benefits Adjust for Inflation Over Time

Long-Term Care Insurance Premiums Oceanside CA – It’s a Good Idea to Make Sure Long-Term Care Insurance Benefits Adjust for Inflation Over Time

Why especially now?

Because the Baby Boomer generation is now retiring. As they retire, they are increasing the percentage of seniors in the United States, compared to other age groups. By 2050, it’s anticipated that the population of men and women 65 or over is going to double, compared to other age groups.

As people get older and retire, the risk of health issues and other problems increase and that means there’s also going to be an increase in demand for various elder care services. Basic economics stipulate that increased demand will also increase the prices. That also means it will likely outpace inflation, income, and other economic factors.

A person in their 50’s today who has been carefully planning for retirement, saving, and doing everything “right” may still find himself or herself unable to support themselves, their spouse, or others in their family when they reach retirement age, especially if any type of long-term care is required.

That’s why long-term care insurance is so important.

Some people discount long-term care insurance because they see the premiums as an unnecessary expense. After all, what are the odds an individual will actually require long-term care? About the same as any other odds people face as they get older.

Everyone knows they are mortal. We all acknowledge the fact that one day we will pass away. However, we still live into our 70’s, 80’s, or 90’s as though we have tomorrow guaranteed, when we don’t.

It’s also not guaranteed that we will avoid injuries from an accident, a medical emergency that leaves us debilitated, or some other situation that will require support and assistance for an extended period of time.

When shopping for long-term care insurance, it’s important to make sure the policy will take into account inflation and adjust accordingly. That’s not going to account for supply and demand aspects of the economics, but it will at least minimize the impact inflation can have on how much a policy will cover.

If you or a loved-one are considering Long-Term Care Insurance Premiums Oceanside 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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