How is your financial situation going to be 10 years from now? Most Americans, believe it or not, are living paycheck to paycheck. According to CNBC, 78% of full-time working adults are living paycheck to paycheck right now. That indicates not many full-time working adults are saving any money, for an emergency much less retirement.
If that’s the case, are you one of the averages? Maybe you are contributing to a 401(k) that your employer is matching. That’s all well and good, but is that going to be enough to hold you through retirement? When we look into the future, Social Security is expected to become insolvent in just over 15 years, if not sooner. If the stock market crashes, which could very well be a possibility in the next several years, what happens to that 401(k)? It loses incredible value.
With all these pressures surrounding full-time working adults, will you be of the handle long-term care needs for yourself or your spouse at some point in the future? If not, it’s time that you considered long-term care insurance.
What can long-term care insurance offer?
It can offer you financial peace and comfort. Let’s say, for example, 10 years from now you or your spouse needed some type of long-term care. It might be a nursing home or assisted living.
If you had to shell out-of-pocket for it, you’re talking about anywhere from $75,000 and up for a single year of long-term care like this. Most people can immediately recognize and understand this could completely decimate their retirement savings within a couple of years.
If you don’t think it’s possible for you to even pay that for one year in the event you require it a decade from now, what happens then? Before the state Medicaid system would even begin paying for a nursing home, for example, you would have to use up all convertible assets, which include your house.
You might have to sell your house or take out a reverse mortgage to pay whatever you could out of your own pocket.
Consider a long-term care insurance policy now instead.
For a nominal monthly premium, you can help protect your savings and assets better in the event you or a dependent, which might very well include your spouse, requires some type of long-term care. If you are in your 50’s, there’s no time to wait; look into a long-term care insurance policy now.
If you or a loved-one are considering Long-Term Care Insurance Premiums in Rancho Bernardo CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.