I am currently in a predicament where living paycheck-to-paycheck would be a pleasant switch of pace. Not able to pay all my monthly bills, pretty much the last thing on my mind is putting away savings for long term care. I mean, I’m a phone call away from removing myself from my 401(k) and all my health care plans just for the meager few dollars more I’ll be rewarded in my next paycheck.
With no light at the end of my financial tunnel, I cannot foresee ever being able to catch up on my debt and actually accrue a savings. Even when I come across supplemental income, I spend it as if I were not seriously hurting for the monetary relief. Being caught on this slippery slope of advances on my paycheck and haunting debt, how am I supposed to prioritize health care?
This is the one time in my life I know I’ll have my health — but no one can say for how long. If you think about it, I could be demobilized in a car crash this afternoon (yes, a bleak image, but bear with me), and would have absolutely no funds to allocate to my aid.
A study released today by the LIFE Foundation reports that I’m not alone in this feeling. In fact, findings indicate that 27 percent of working Americans say they would have trouble supporting themselves financially “immediately” following a disability that keeps them out of work, while nearly half (49 percent) would reach that point in a month or less. And, three out of four (74 percent) would face financial trouble within six months.
What do you think this means for the industry? What would this mean for me if [knock on wood] something happened to me on my way home from work?