Long-Term Care Insurance Premiums: Long-Term Care May be an Expense Never Counted on in Retirement

By Steve Elliott | November 22, 2021 | Comments Off on Long-Term Care Insurance Premiums: Long-Term Care May be an Expense Never Counted on in Retirement

Hopefully, if you are in your 40’s or 50’s, you have at least made some serious strides toward your retirement plan. Whether you will be able to retire at 65, 67, 69, or have no idea whether you will be able to retire even by the time you are 70 or 75, hopefully you have some type of plan in place for the future. One of the biggest financial liabilities people have today involve healthcare. Even when you have a fairly decent health insurance policy, you may come to realize that long-term care is often not covered by most of these insurance policies. That’s where long-term care insurance becomes so critical and long-term care insurance premiums need to be considered in your expenses.

Long-Term Care Insurance Premiums Encinitas CA - Long-Term Care Insurance Premiums: Long-Term Care May be an Expense Never Counted on in Retirement

Long-Term Care Insurance Premiums Encinitas CA – Long-Term Care Insurance Premiums: Long-Term Care May be an Expense Never Counted on in Retirement

One thing most people don’t actually consider when making retirement plans are the unexpected expenses that may occur. This does not mean you will have to shell out tens of thousands of dollars or even hundreds of thousands of dollars for unexpected expenses, like medical care, but there is always that possibility.

How much might long-term care cost during your retirement years?

To be honest, that all depends on many, many factors, not the least of which includes your current age. Let’s say, for example that you are 40 years old. How much would home care cost you in 25 years? That means, when you are 65 and might need a home care aide to support you for seven or eight or 10 months, how much might that be?

You’re looking at 2046 as the year to consider. Currently, the average cost of full-time home care assistance in the United States is around $45,000. Some states are higher, some lower. In 25 years, based on inflation, supply and demand economics (because the baby boomer generation is retiring and demand will continue to skyrocket as more people prefer to remain home and age in place), you could be looking at $70,000. $80,000. Maybe even $100,000 for long-term home care costs.

What if you need nursing home for long-term care? That would be significantly higher. So, as you can see, if you are not considering the prospect of having to pay for long-term care yourself during the retirement years, you may just find it extremely difficult to not just pay for it, but to enjoy the rest of your retirement if you are able to recover from whatever health ailment or emergency you face in the future that leads to requiring long-term care.

November is National Long-Term Care Awareness Month.

It is time to become more aware of long-term care, the options available, and even insurance that can help cover these expenses. Reach out and connect with a qualified, fully licensed or certified broker or agent who specializes in long-term care insurance to find out what options would be best for you at this stage in your life and what the long-term care insurance premiums will be.

Also keep in mind the longer you wait to start a long-term care insurance policy, the higher the risk of being denied coverage because of your health issues, family history, or other factors. If you are in your early to mid 50’s, now is the perfect time to look into long-term care as a way to help set up your retirement plan for the future.

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