From Medicare and prescription plans to Long-Term Care Insurance, it is important to understand your insurance options as you age.
Here are 3 insurance tips you should know about:
1. Life insurance is critical to a strong financial plan
Purchasing life insurance can seem complicated, but there are coverage options to suit your needs and may not be as expensive as you think!
Your life insurance coverage can ensure that your spouse, child or loved one receives some financial support after you pass away. The cash benefit from your policy can help offset funeral costs, remaining medical bills or even go toward education.
2. Consider a Long-Term Care insurance policy
Long-Term Care Insurance will safeguard savings while providing resources for quality care.
Long-Term Care Insurance premiums are based on your application age, health and the amount of benefits you want to have. Plans are custom designed to fit your needs. The older you are, however, the more challenging it will be able to obtain coverage.
Medicare will cover a short stay in a nursing home or limited at-home care. Some people choose to buy long-term care insurance to help cover long-term care expenses – including the cost of continuing care retirement communities like Pleasant View in Ottawa.
Some Long-Term Care insurance policies will cover the level of care offered at Pleasant View, such as rehabilitation, assisted living, memory care and residential nursing.
3. Understand the basics of Medicare
Medicare doesn’t cover living expenses in a retirement community, hearing aids or dental work.
Plans change from year to year, and it is important to consider your health care needs and preferences to ensure you select the plan that’s right for you. Open enrollment begins on Oct. 15.
Pleasant View, 505 College Avenue, Ottawa, IL 61350, 815.434.1130, www.pvottawa.org.