Perhaps 1o or 20 years ago, you might not have heard too many financial advisors and retirement planners talking about long-term care insurance and long-term care insurance premiums. Sure, you would have found a handful or so who would bring up the topic to their clients, especially those clients in their 50’s or quickly approaching 60, but most of them? Not likely.
What has changed? What is it about financial planning and retirement has woken up at least a few more financial planners to the benefits long-term care insurance offers?
Perhaps it’s the cost of long-term care.
As we moved through the last decade, the notion of long-term care became more real for a growing number of Americans. That’s because the baby boomer generation is retiring, and that means more aging seniors will need added and enhanced medical care, but also long-term care.
The older the population in the U.S. becomes, the more pressing this matter becomes because with an increased number of seniors, there will be an increase in demand for long-term care services.
As with any economic system, supply and demand means that when demand increases and supply becomes limited, the price will rise.
On top of that, you have an economic engine that, though seemingly ‘strong’ because of the Stock Market values and low interest rates, it is actually feeble. That means many pensions -private and public- are dramatically underfunded. Social Security is in dire straits and set to run out of funds within the next decade and a half.
All of that means the future isn’t as bright fiscally as one would hope. And that means seniors then will need more of their retirement funds and savings just to survive, let alone pay for long-term care on their own. Imagine having to pay $300,000 on your own. This isn’t referring to many years of long-term care together; it’s referring to the average cost of long-term care in one state: Alaska.
Yes, it looks as obnoxious as it is, but that’s the average cost of this type of long-term care. So, imagine having to pay that much on your own for just one year! It is crazy to think about, but that’s one reason why more financial planners are encouraging their clients to at least consider long-term care insurance now, as part of their retirement portfolio.
Time to consider long-term care insurance coverage and their premiums.
If you haven’t considered it yet and you’re in your late 40’s or 50’s, the time is now. Talk to someone today about long-term care insurance and what the premiums will be.
If you or a loved-one are considering Long-Term Care Insurance Premiums in San Marcos 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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