How are you doing financially right now? After this long, drawn out pandemic and shutdowns, a lot of people have been struggling. However, there are many moving parts when it comes to a nation’s economic health and even an individual’s financial stability. Your current financial situation may seem okay, but are you living paycheck to paycheck? As a result, most people never think about life insurance or even contacting long-term care insurance companies.
Believe it or not, out of all of the full-time working adults in the United States, nearly 8 in 10 are living paycheck to paycheck (CNBC). Couple that with the fact about 64 percent of Americans couldn’t come up with $400 for an emergency expense and you begin to see the real picture: most people are not financially secure and have almost no real disposable income.
The majority of these people would turn to a credit card or other debit account to cover emergency expenses. It’s not that they are poor because this is covering full-time working adults, those considered poor, lower middle-class, middle-class, upper-middle-class, and yes, even the wealthy.
The more people earn, the more they spend. Because of that, people buy houses they don’t need at prices they can’t really afford, $60,000 trucks or luxury vehicles when they are earning that amount annually, all because they can get the credit. Then, they can get by from paycheck to paycheck, but have nothing left over for disposable savings.
Can you afford long-term care insurance?
The first question, though, should be how old you are. If you are in your late 40’s or 50’s, right now is the perfect time to begin a long-term care insurance policy.
But, can you afford such a policy? If you are living paycheck to paycheck, struggling just to get from one payday to the next to cover your mortgage, car payments, auto insurance, homeowner’s insurance, food, utilities, and so forth, you will be highly unlikely to even want to think about putting anything into a long-term care insurance policy.
After all, what are the odds you would need long-term care?
For most people, they might not need long-term care for another 10, 15, or 20 years, if at all. However, not a single one of us knows what tomorrow is going to bring. People are injured in accidents all the time, either on the roads, while running down the stairs rushing late for work, or even facing a medical emergency they never saw coming, like a heart attack or stroke.
You may have $300,000 invested into your mortgage with $200,000 more to pay on it, but what happens if you or your spouse or another dependent has to be in a nursing home for a year? If you live in Alaska, for example, you would have to pay out-of-pocket for much of that, which could total everything you already have in equity in your house.
Long-term care expenses can financially obliterate most Americans, which is why, even if you don’t think you can afford it right now, long-term care insurance is something you should seriously consider because you may not know it, but you can’t afford to go without it. You can get more information by contacting long-term care insurance companies.
If you or a loved-one are considering Long-Term Care Insurance Companies in San Marcos 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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