Health Insurance Options
If you not yet eligible for Medicare, consider enrolling in a qualified high-deductible health care plan and opening a Health Savings Account (HSA). HSAs are a tax-advantaged way to provide for current and future healthcare costs.
Medicare and Long-term Care
While Medicare provides health insurance coverage to Americans age 65 and older, it doesn’t cover everything, notably long-term care. You can expect to face significant out-of-pocket costs, in addition to rising premiums.
There are a variety of insurance options to consider for long-term care protection. Depending on your situation, you could self-insure (totally or partially), purchase a premium based long-term care policy, or explore a number of new asset based long-term care plans.
Asset-based long-term care plans combine features of life insurance, annuities, and long-term care insurance. They provide benefits should you need care. If you don’t access the benefits for healthcare needs, the proceeds may be used for other expenses or paid to your beneficiaries like a
life insurance benefit. Unlike traditional premium based “nursing home” insurance, there are no ongoing premiums or restrictions on how the funds may be used.
Which option is right for you?
Finding the right solution should be done in consultation with your financial advisor, as part of a comprehensive financial plan.
The first step toward reaching your goals is finding the right advisor to help get you there. That’s why we offer no-obligation initial consultations. These meetings provide an opportunity for you to get to know the person who will be advising you, and just as importantly, for us to get to know you.
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