Learning more about insurance policies that will tackle both health and wealth issues during the retirement years is always an excellent idea. Couple this approach with having a positive mindset (which, as we’ve mentioned in our previous article, positivity truly matters), then you can be sure that you are on your way towards the future you’ve always desired!
And we really couldn’t stress it enough on why learning about insurance policies and other retirement solutions is crucial for the golden years. As mentioned in the Boomer Expectations for Retirement 2016 report by the Insured Retirement Institute, almost half of the elder respondents (45%) have no savings set aside for the future at all! Additionally, 59% of the boomer respondents stated to rely heavily on Social Security to address retirement expenses – a risk that may lead to despair, mainly because of having only one source to consider and for gender bias issues (women with career interruptions may find themselves having lesser financial benefits).
And also, health literacy needs to be considered as well. Over 77 million Americans, according to the U.S. Department of Education, have inadequate health literacy. This means that more people are likely to spend money on unnecessary medical procedures. Worst, this statistic also means that there is a higher chance for more people to misinterpret health instructions – further derailing one’s retirement plans.
As such, we hope that the two suggested policies we’ll be discussing below will help you and other readers to secure the golden years. Everyone deserves only the best retirement!
About Long Term Care Insurance
Long Term Care deals with the custodial care that is expected among individuals age 65 years and above. This type of care mainly revolves around the activities of daily living (ADL), which when further pointed out, necessary yet often taken for granted by retirees.
And a Long Term Care Insurance (LTCI) plan hopes to help policyholders have the necessary means to pay for these requirement necessities. To further illustrate how crucial having a plan is, let’s find out how some custodial services cost:
- Nursing Home Care (Private Room) – $7,698
- Adult Day Health Care – $1,473
- Home Health Aide Care – $3,861
The above figures are at a monthly rate (nationwide median). Now, consider these costs annually, then you may now see how substantial health care costs are!
About Medicare Supplement Insurance
Another form of insurance that you may want to look more into is a Medicare Supplemental Plan. Also known as Medigap, Medicare Supplemental Coverage deals with the out-of-pocket expenses not covered by Original Medicare Plans. These expenses, such as deductibles, coinsurance fees, and copayments, can quickly deplete an individual’s hard-earned savings if not addressed in a proper manner.
Medigap insurance policies also offer more levels of convenience. There are ten standardized plans to choose from, which assures applicants that there is a particular policy available to address specific or unique needs and preferences. Also, private insurance policies sell Medicare Supplements. This means that applicants have the option to shop and learn of which plans are the cheapest in a state. It also means that shoppers have an advantage to select which agent to work with, resulting in a better chance to secure and attain a desired tomorrow.
The Choice is Yours
Of course, everything boils down to you. Retirement plans, as what we’ve written before, are also customized. Everything depends on how a boomer decides how his or her future should be! But by knowing the available solutions will help an individual find out which insurance should serve best for his or needs.
As such, we hope that the two options mentioned above will lead to more awareness. Knowledge is key when planning. And by equipping you with the basics, we trust that your positive outlook will then transform into an action that’ll lead to promising results. We know you can do it – you can live out the retirement you’ve always dreamed of!