RETIREMENT & INSURANCE
SHORT TERM MEDICAL / INDIVIDUAL INSURANCE
When it comes to individual health insurance, we always recommend that you start by visiting the marketplace at www.healthcare.gov. (Our agency does NOT write these policies.) This is where you can obtain creditable coverage and determine if you are eligible for any financial subsidies. If you find that the marketplace plans do not fit in the budget, Short Term Medical might be the solution.
The main thing to know about these policies is that they do not cover preexisting conditions, but they will protect you from catastrophic financial loss in the event of an unforeseen emergency. They also give you contracted rate pricing when you do seek medical services (instead of the providers “list price” which is typically charged to uninsured patients).
LONG TERM CARE INSURANCE / HYBRID LIFE INSURANCE POLICY
When planning for future needs, folks used to purchase Long Term Care insurance to help pay for care in an assisted living or nursing home environment. These policies are now either not available or are cost prohibitive. There are new policies available that can serve this purpose, along with several others. The newest hybrid Life Insurance policies can provide you with a protective death benefit, act as an income generator (with monthly payments for life if wanted), access to large funds if you lose 2 or more ADL’s (activities of daily living), built in accident, cancer and critical illness coverage, and the ability to serve as an investment vehicle with positive tax implications. Determining if this coverage is a good fit into your overall financial plan begins with a conversation. Reach out today!
Anyone who has had any major dental work done knows just how expensive that can be. A stand-alone dental policy can help by covering some of the cost of basic cleanings and exams, as well as more comprehensive services like root canals and crowns. These policies typically pay a percentage of charges up to a maximum of $1500 per year. If you think this type of coverage would benefit you, please contact us today!
Annuities are another popular financial product that can provide stability in retirement. They are structured insurance policies that are either funded with a lump sum payment or incremental deposits. The owner then elects to start receiving payments for a chosen period (e.g., 5, 10, 20 years, or lifetime), or can defer receiving payments to get larger amounts later, offset long term care expenses or provide a lump sum benefit to a beneficiary.
There are a variety of different options, each with its own benefits and positive tax implications. All we have to do is figure out which product will help you reach your financial goals the fastest, so let’s get the conversation started.