Inflation Affects Long-Term Care Costs as Well

At the moment, the United States is grappling with inflation or hyperinflation that is setting fifty year records. Not only are the prices of goods and services increasing at a breakneck pace, so too is the cost of fuel. Things may very well get a lot worse in the next several months or couple of years. It means prices for just about everything are only going to increase, sometimes shockingly so. That includes things you may not have thought about just yet, like long-term care and long-term care insurance premiums.

Long-Term Care Insurance Premiums Oceanside CA - Inflation Affects Long-Term Care Costs as Well

Long-Term Care Insurance Premiums Oceanside CA – Inflation Affects Long-Term Care Costs as Well

Everyone is feeling the pinch, even though it’s impacting the poor and middle-class most. If you or somebody you know is feeling the financial pinch of inflation right now, you may be hoping that some of the politicians and bureaucrats are right, that this will end by the close of 2022. However, if you’ve been paying attention to the economy and financial health of this nation, you understand this may only be the beginning.

How much could long-term care cost you at this moment?

That depends on the type of senior care, where you live, and several other factors. The average cost of assisted living is about $75,000. For nursing home care, that could run you $85,000, on average, but in some states, like Alaska, it could be well over $300,000 annually.

Can you afford long-term care?

This is the question most people should be asking themselves, but they never think to contemplate it, not when they are in their 40s, 50s, or even their early 60s. The idea of long-term care is way off in the distance, somewhere so far away in the future that it can’t possibly affect them now.

Long-term care isn’t reserved only for the elderly.

It’s often required for people of just about any age group, from their 20s through their 90s and above. A person in their 20s may be involved in a car accident that leaves them in a coma or unable to walk for many months while they work with a physical therapist to regain their strength.

Most health insurance policies aren’t going to cover that, Medicare and Medicaid don’t, either. They may cover short-term care, such as a few weeks, but that’s it.

Who has to pay for that then? Even for somebody considered an aging senior, well past retirement age, Medicaid isn’t going to provide coverage except for certain types of care, like nursing homes, and only after the individual has used up all their available assets and savings, which often includes the equity in their home.

This is why long-term care insurance is something to consider now.

While the cost of almost all goods and services are increasing and will likely increase far more in the next couple of years, the same holds true for long-term care. Long-term care costs and long-term care insurance premiums can’t remain the same when everything else is increasing.

If you think the cost is high now, just wait a few years. If you don’t protect yourself, your spouse, and your investments, savings, and lifelong work to plan for retirement, you could be spending it all on long-term care because of an accident, injury, cancer, unexpected heart attack or stroke or aneurism or some other medical emergency you or your direct dependent experiences.

Don’t let that happen. Consider long-term care insurance and start your long-term care insurance premiums now.

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