Planning for long-term care during a recession can be incredibly overwhelming, and continuing to pay for long-term care during a recession can be even more intimidating. If you or a loved one is thinking about purchasing long-term care insurance during this time of looming recession, it’s important to know how the next few months or years might affect you going forward and what steps you can take to get ahead of the curve.
It can be hard to know what to do to effectively plan for a recession, especially if you’re already retired and concerned about long-term care. Long-term care only makes sense for the price of long-term care insurance to rise during a recession.
Annual premiums vary from person to person and depending on your age, health, and policy you could be paying up to $5,000 in long-term care premiums every year. There are ways to reduce the costs of long-term care that might be helpful as we enter into a recession:
If you’re wondering whether or not you need to start preparing for a potential recession, NY Elder Law Group can help. It’s always better to have a plan when it comes to long-term care planning. Visit our website or contact us at (718) 740-3300 to schedule a free consultation with our elder law attorneys.