Medicare is often spoken about among individuals that are navigating through retirement and those of us whom are planning to retire. The truth of the conversation is that most individuals do NOT understand all their rights and options given to them by Medicare.
Questions often remain, such as:
- What is covered under Part A, Part B, Part C, and Part D?
- What penalties will I get if I don’t have the correct coverage in place?
- What are the costs of different plans?
- How can I switch plans and when can I switch plans?
- Who do I call if I have a question? Is my agent local?
Your healthcare coverage choice with Medicare Coinsurance is as important as buying a home. Make sure it’s the best coverage you can get for the next 20-30 years. Have a local and trusted Insurance Agent to speak with, not an off shore call center.
Every individual is unique and your healthcare needs will be as well. I have seen a lot of people just take the same plan as their friends, previous employer suggested, or a family member has had. A lot of times not knowing what the plan is or its benefits. Get the facts. Get your options explained. Get the coverage you deserve.
It is estimated that over 70% of seniors will need some kind of assistance during their life after an injury, illness, or hospital event. Medicare does NOT cover Long Term Care. Medicare actually encourages and recommends that individuals over 60 years of age purchase and have some kind of coverage. Long Term Care is the largest gap in coverage in Medicare and the most expensive.
Long Term Care can be provided in many different forms:
- Home Health Care
- Assisted Living Facility
- Nursing Home Facility
Long Term Care costs can range from $3,500/month to 9,800/month, depending on the type of care you require. There are several options available to help pay for these large costs. I encourage everyone to come see what those options are and see if you qualify for different programs. The options made available to you are changing. Get the facts from a local and trusted Insurance Agent.
A critical illness can catch any of us off guard and destroy our income and savings. Events such as a heart attack, stroke or cancer can remove us from our jobs, cause us to experience a loss of income and create large medical bills to be paid later.
Critical Illness coverage can provide you with a large lump sum of money to help pay any extra costs that may result from these events. Would it give you peace of mind that a $50,000 check was being sent to you after you experienced a heart attack? That money could help pay your health coverage deductible, pay your mortgage, car payments, and utility bills until you are able to return to work.
So many people only plan for final expenses when they realize that they are truly getting older and do not have funds saved to cover burial, funeral costs and final taxes. The average funeral is $7,000-12,500. Having a small Life Insurance plan will give you and your loved one’s peace of mind that the funds are there to pay immediately.
I have also sat down with families that have lost a child or grandchild. We often forget that the most important people in our lives need life insurance as well. The cost for a child’s funeral is the same as an adult. There are several different life insurance options that could be set up for children that could offset the cost of college, build retirement funds or pay final expenses if something should occur. Plan now so you can care for your family when they truly need your strength.