What’s one of the main things many Americans lack these days? It’s a pretty broad question, so the answers may also be equally broad, but most of us can readily agree that it’s “peace of mind” we so desperately desire. It’s not easy to have peace of mind when you’re just getting by every week with the money you take in.
It may be hard to accept, but according to CNBC, 78 percent of full-time working adults in the United States are living paycheck to paycheck right now. That’s a staggering number, but it doesn’t take into account total debt they also hold or how much they’ve managed to put away in their retirement portfolios or savings.
Most of these people living paycheck to paycheck barely have enough money saved to cover one emergency, like the furnace dying or the transmission in their car completely failing. We’re a culture that is mired in debt and relies on credit cards and other loans to live the way we want right now.
That means the vast majority of people, as they approach retirement, are woefully unprepared for the potential necessity of long-term care. The federal government is not going to offer anything if you have assets, income, or savings. You would have to deplete all of that before Medicaid would offer any type of reimbursement — whether it’s for home care, a nursing home, or some other type of support.
Because so many people are living paycheck to paycheck, they’re struggling and stressed out. There’s simply no peace of mind and when they begin dealing with health issues more and more frequently as they age, the rare glimpses of some peace become a rare commodity.
With long-term care insurance, you can have at least some peace of mind.
Is there a guarantee you will need long-term care in the future? Of course not, but that doesn’t mean you should ignore the benefits a long-term care insurance policy may offer.
If you’re scraping by each month, maybe saving a few hundred dollars here or there, consider how much long-term care costs right now (not to mention how inflation will raise it in 10 or 15 or 20 years): nursing home care, on average, costs $85,000 per year. Assisted living is sitting at $75,000 per year.
Is that something you would be able to afford? Or will it cause you more stress?
Most people will answer in the latter, and if you want true peace of mind when it comes to this potential life issue, consider long-term care insurance.
If you or a loved-one are considering Long-Term Care Insurance in Carmel Valley CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning