Do you have any idea how much assisted living costs at the moment? You might be in your late 40’s, 50’s, or early 60’s and have been looking into the prospect of long-term care insurance. It’s a good idea, especially if you have savings and investments you want to protect for your future.
Retirement might be just around the corner or within 10 or 15 years. If you don’t know the cost of different types of long-term care, though, you may not fully appreciate the value a long-term care insurance policy can offer.
Let’s talk about the average cost.
Assisted living right now costs an average of around $75,000 per year. That equals $6,250 per month.
With your current income and other expenses taking care of your spouse, family, current house, paying off the car, and so forth, would there be any hope of paying this for just a couple of months, let alone a few years on your own?
Most people are going to say no, it’s just not possible unless they start selling off their assets, which may include their house.
In some regions of the country the cost of assisted living already exceeds $100,000. As you can see, it is already an incredible expense for most Americans.
Now, consider the impact of inflation.
It’s not just inflation that’s going to increase the average cost of assisted living or even nursing home care 10, 15, or 20 years in the future. It’s also going to increase because of supply and demand economics.
The baby boomer generation is retiring now and that means the demographic of the U.S. is changing. Seniors are going to account for a larger percentage of the overall population in the country and that’s going to equal greater demand for long-term care services.
If you’ve never really thought much about this, consider the very real possibility that assisted living could cost over $120,000 per year, on average, in just 15 or 20 years. That’s $10,000 per month.
That is specifically why long-term care insurance is so valuable.
It’s true that you may never require any type of long-term care in your future. If you don’t, and you live to a nice, ripe old age, that’s a wonderful blessing.
However, increasing numbers of seniors are requiring some type of long-term care, which is why if you want to protect your savings and retirement investments, this is a low cost option that can help you do that.
If you or a loved-one are considering Long-Term Care Insurance Cost 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.
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
Latest posts by Steve Elliott (see all)
- One of the Most Common Questions About Long-Term Care Insurance: Is It Worth It? - November 18, 2019
- Three Key Factors to Consider When Shopping for Long-Term Care Insurance - November 11, 2019
- Will You Quality for Medicaid During Your Golden Years or Will You Struggle to Pay for Long-Term Care? - November 4, 2019