How much is long-term care going to cost 15 years from now? Do you have any idea how much it costs now? The cost of long-term care differs based on the type of care, where you live, and numerous other factors.
Unfortunately, very few people really know how much long-term care costs at the moment. So, it’s unlikely they have any clue how much it will cost 10, 15, or even 20 years from now.
Let’s talk about nursing home care for a moment. Considered to be the most expensive form of long-term care, the average expense in the United States is over $85,000. It will likely top $100,000, on average, within the next decade or so.
In Alaska, however, nursing home care could set you back over $300,000 per year. That’s a jaw-dropping number, so how much is it going to cost 20 years from now?
Is it sustainable to continue at this pace?
In most cases, private insurance or Medicaid covers these expenses, but not always. Also, keep in mind that before Medicaid covers nursing home expenses for an individual, he or she would need to use up all of their assets, including the equity in their home if they own one.
How long could you afford to pay for this type of long-term care? Most people don’t think about it until it’s too late. Suddenly, they have to use up everything they worked so hard their entire life for just to pay for this type of care.
Don’t put yourself in that position.
Will you need long-term care sometime in the future? It is certainly possible. As you get older, you will face increasing risks of chronic health issues, injuries, and other situations that require long-term care.
If you want to protect yourself, your savings, your investments, your home, and your family, consider long-term care insurance.
If you begin carrying long-term care insurance in your early to mid 50’s, it’s a small investment monthly to protect your financial assets in the event you require some type of long-term care in your 60’s, 70’s, or 80’s.
There are many different types of long-term care available, but the cost of each of them will increase over the next few decades.
Long-term care insurance is a valuable asset that protects you against the rising cost of this type of care. If you don’t have any clue just how much long-term care could cost, you could very well be in for a rude awakening when you can least afford it. It is time to get a quote.
If you or a loved-one are considering Long-Term Care Insurance Quote 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.
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