Planning ahead can make things much easier for your family.
Life & Final Expense insurance: There are many types of life & final expense insurance policies. The face amounts can be chosen to fit most people’s needs and budgets.
Cancer insurance: According to the most recent studies, one in two men, and one in three women will be diagnosed with cancer in their lifetime. Fortunately, people are being diagnosed with cancer earlier, which gives them a better chance of survival. A cancer insurance policy can help you cover the cost of medical expenses, travel, lodging, meals, household expenses, and more while you are going through treatments. Depending on the policy you purchase, some of them will give you a lump sum payout amount upon diagnosis, and some will even cover those with a history of cancer who have been cancer-free for a set period of time.
Hospital Indemnity: This insurance plan can help relieve the concerns of hospitalization co-pays. Benefits include inpatient hospitalization, ambulance (air and ground), emergency room care for accidents and injuries, and physician visits (follow-up from hospital stay).
Long-Term Care and Short-Term Care: As much as we don’t like to think about it, 7-out-of-10 people aged 65 or older will need long-term care at some point in their lifetime. Medicare does not cover long-term nursing home care when custodial (non-medical) care is the only care you need. An assisted living community can run anywhere from $2,500 to $10,000/month, or more.
Long-Term Care insurance is very expensive, and you must go through extensive medical underwriting. For those who qualify, and can afford the premiums, these plans are considered the best return on your investment. But what if you don’t qualify for it, or can’t afford it?
When given a choice, most people say they would prefer to receive care (such as help with their activities of daily living, like dressing, eating, bathing, transferring, toileting, and continence) at home. In this situation, a Short-Term Home Health Care insurance policy can be a nice alternative to a Long-Term Care policy. The application generally has only 2 or 3 simple questions, and the premiums are far more affordable. It’s definitely an option worth exploring!
If you have questions about Medicare or other life & health insurance products, click here to contact Linda Bell, a licensed independent insurance broker at Heart to Heart Insurance Agency, LLC.
