Even though the word ‘recession’ has taken a backseat in most media outlets (for now), there is a very real and serious concern that not only this nation, but many parts of the world could slip into a deep recession before the end of 2023 or, at the very least, by mid-2024. That doesn’t mean it’s going to happen, but more and more signs are pointing in that direction. If you are somebody who’s in their early to mid-50s and has been considering a long-term care insurance quote, you may be concerned about putting extra money out for a type of insurance you may not think will be used, at least for a long time.
Beginning a long-term care insurance policy by the time you’re in your mid-50s is simply a smart move, especially for those who have saved and invested for retirement. If you don’t have long-term care insurance, considering that the odds of somebody 65 or over needing long-term care are growing, those expenses could seriously impact your financial health and viability in your golden years of life.
That’s why, even though a recession may be looming, you can and should still begin a long-term care insurance policy if you’re at that perfect sweet spot (for age), which is around your mid-50s. If you’re in your 40s or early 50s, you may still have some time, but depending on how long an economic downturn lasts, the advice in this article can still be useful. So, let’s talk about three ways you can budget for long-term care insurance, even if a recession is on the horizon.
1. Evaluate your current expenses.
Today, many expenses are not paid for with cash anymore. Most people in their 40s or 50s don’t receive paper statements in the mail anymore. They come by email or are registered with an autopay system. That goes for electric bills, mortgage payments, car payments, and even small subscription services, like Netflix or Amazon.
It’s these smaller expenses that tend to be overlooked, but they can add up to huge money every month. You might be spending $100, $200, or even more for those little expenses you overlook. When you evaluate your current expenses, you can easily find ways to trim the fat from your budget, which will give you exactly what you need to cover a long-term care insurance premium.
2. Think long-term, not short.
Even though you’re talking about long-term care insurance, you need to think about short-term aspects of your life. If you think long-term, you might imagine not needing this type of support for another 10 or 15 years.
Instead, imagine having to pay for long-term care out-of-pocket right now. Could you afford it? How would it impact your finances? When you start thinking like that, you start realizing how important it is to make sure you have enough to cover these premiums.
3. Have some funds from each paycheck automatically set aside once you have your long-term care insurance quote.
Have part of your paycheck moved directly to a separate savings account (or another account) so you don’t touch it. That way, at the end of each month, you can easily cover your long-term care insurance policy, even if we do slip into recession and inflation pressures continue to build.
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 at (858) 350-3161.
- Should You be Thinking About Long-Term Care Insurance? - November 28, 2023
- Can You Be Financially Secure Without Long-Term Care Insurance? - November 20, 2023
- You Need the Right Level of Long-Term Care Insurance - November 13, 2023