With a Possible Recession, It’s Important to Consider Long-Term Care Insurance

Five months after Russia invaded Ukraine, five months after almost every economic so-called ‘expert’ kept talking about how the US economy was rolling along and there was no risk of recession. Almost all of them are now talking about not just a possible recession, but a likely one. What can you, the average American perhaps in your 40s or 50s, take away from this, especially if you’ve talked with long-term care insurance companies in the past?

Long-Term Care Insurance Companies Carlsbad CA - With a Possible Recession, It’s Important to Consider Long-Term Care Insurance

Long-Term Care Insurance Companies Carlsbad CA – With a Possible Recession, It’s Important to Consider Long-Term Care Insurance

You might start shoring up your savings and investments. You might begin moving things to more secure places. You may also assume that since you’re in your 50s, for example, and you just got a clean bill of health from your doctor, you’re fine, you don’t need long-term care insurance at the moment.
However, it’s important to reconsider this view.

Emergencies can happen at any time.

You could be driving to work in someone cuts you off on the highway, triggering a multi-car pileup and causing serious injuries. Even though you got a clean bill of health, many people before you received the same great news right before having heart attacks, strokes, aneurysms, and more.

What would happen if you or your spouse or other dependent had a major medical emergency in the next several years that required long-term care? You would have to pay for that out-of-pocket.

No, almost no health insurance policies cover long-term care expenses. Medicaid won’t cover it, either, even after you are 67 years of age until you have used up all of your available savings and assets, including the equity in your home. Then, in most states, they only cover nursing home care. Some of the other, more preferred options, which may include assisted living or in-home care wouldn’t be an option (if you rely on Medicaid).

You could find yourself quickly approaching retirement age flat broke. You may even be in massive debt if you require extensive long-term care between now and the time you get there. Forget about the economy for a moment; what good is it going to do anyone if you lose it all because of long-term care expenses?

Find ways to trim expenses elsewhere.

The first thing too many people do when facing economic difficulties is trim expenses. However, they often trim the wrong ones. Long-term care insurance is one that can easily get tossed aside, mostly because people assume they’re never going to require it, at least not in the next 10 or 15, or 20 years.
However, if you wait until you’re 60 or so to try and start a policy, you could very well be denied, especially if there is a family history of medical issues.

Contact long-term care insurance companies.

If you have the opportunity to start a long-term care insurance policy or you have already begun one, do so and keep it going, even as we move into this recession. With a deep and prolonged recession, stress levels are going to soar, anxiety will go through the roof, and we know how that can affect health, too.
This is not the time to turn away but rather a time to go forth and be responsible to protect your savings and investments and family for the future by talking with long-term care insurance companies.

If you or a loved one are considering Long-Term Care Insurance Companies in Carlsbad CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.