For people that are nearing or are past the age of 50, it is known that health issues start becoming more apparent. Similarly, having passed the ‘half-century’ mark, one’s mortality starts getting put into perspective. We tend to take our health for granted — especially when times are good, but it can become quite worrisome once things take a turn for the unexpected worst.
One of the better ways to ensure that you are taken care of in the event of a medical bind is through the coverage of health and life insurance. Both health insurance and life insurance are fairly definitive ways to ensure that you, and your family, are covered in the event of a health scare/disaster or, at worst, death.
Health insurance, particularly through Medicare — the base coverage for hospital insurance and medical insurance, is a surefire way to ensure that you can receive treatment without having to pay the full price for healthcare. It’s been shown that 40% of Americans under the age of 65 have some form of employer-based health coverage, while 2% of Americans over 65 lack any form of health insurance. If you happen to be one of the people that are lacking coverage, you should consider enrolling for Medicare. If you already have Medicare and you feel that you might need more coverage, you should look into medicare supplement Insurance (Medigap), which will cover the expenses that medicare doesn’t — copayments, coinsurance, and deductibles. While Medigap will not feature long-term coverage, it will help in easing the costs of health coverage that are not taken care of through Medicare.
Like health insurance, a life insurance plan is another means of protecting yourself, especially while you age. While it is not going to ensure that you receive proper health care, it will ensure that money is left in your estate even after your death. These funds can be utilized to pay for funeral/burial costs, covering any leftover debts, and more. While you might not be sure which type life insurance policies are right for you, it might be best to consider which is best for you based life insurance cost and coverage. Many people are concerned over life insurance cost, thinking that it might be more than they necessarily want to pay, but it is entirely based upon how much you are willing to contribute within benefit increments. Over time, these policies can lead towards payout from as little as $10,000 up to the millions.
Your life insurance costs will be affected based upon a number of things, dependent upon your age, health, gender, and occupation. People with chronic conditions and at an older age will tend to pay more, as the likelihood of their subsequent death is ‘more likely’ than it would be for someone young and quite healthy. Factors dependent upon region will similarly affect what your life insurance cost might come out to, but these are things to consult your life insurance coverage agent about, simply to determine if it is the best plan for you. If you’re a healthy, younger person, you should find seek out plans with lower life insurance costs, all while seeking out the highest payouts; for those that are paying more, consider seeking out programs with lower life insurance costs, all the while offering you sound coverage.
Ensuring we are monetarily covered is an important thing, whether for our health or in the afterlife, for those that have to take care of us when we are no longer here. Finding the right one is all part of equation, taking the time to get your money’s worth.