How much is long-term care going to cost in 2048? How old will you be? Perhaps you’ll be in your 70’s or 80’s at that point. You might not think you’ll even make it to that year. It’s prudent to be diligent when planning ahead.
While fewer than half of adult Americans have any type of savings and are not focused on retirement, many worry still about how they will make ends meet when they reach retirement age. Compound that with the need for any type of long-term care and unless they use up all of their assets and income, Medicaid and other government-funded support systems are not going to offer any assistance.
In 30 years, inflation will have raised the cost of everything from basic bread and milk to gas to real estate to transportation and so on. It will also have a significant impact on home care and other support services. The cost of long-term care currently far outpaces inflation and has been doing so for decades.
A lot of it has to do with demand.
As the Baby Boomer generation retires, it means the percentage of seniors compared to the overall population in the country continues to increase. That also means there’s going to be more and more men and women at retirement age who need some type of long-term care, whether it is received through a nursing home, assisted living facility, home care aides, or other services.
If the average median cost of home care in the United States is $42,000 right now, it could be $70,000 or more in 30 years. In fact, it may very well be quite a bit over that number by 2048. Of course, the average cost of assisted living right now is about $75,000 and it could easily double that by 2048.
Those are annual numbers, remember. They can be staggering. If a person needs any type of long-term care in 2048, it can be financially devastating. That’s why long-term care insurance is such an important consideration to make now. It may require a little financial sacrifice, but to protect one’s investments, retirement portfolio, and other income and assets when they reach retirement age is a crucial component that long-term care insurance can provide.
Looking at the cost of long-term care right now is fine, but if somebody is in their 40’s or even their 50’s, in 20 or 30 years when they might need that level of support it could cost a tremendous amount more than one would expect now.
If you or a loved-one are considering Long-Term Care Insurance 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.
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