Forgotten Health Care Coverage You Need to Include

When shopping for health insurance, disability insurance is often forgotten. You you need health insurance and it remains the most important coverage for you and your family. Anyone can become sick or hurt unexpectedly.

Whether you are employed or a small business owner, you can become sick or hurt, unable to generate an income, and find yourself financially devastated. Disability insurance is what's necessary.

Protection of Disability Insurance
Disability insurance is designed to protect you from such a dire situation. According to the Social Security Administration, 70% of the private sector work force has no long term disability insurance. Moreover, 3 on 10 workers entering the work force today will become disabled before retiring. Without a doubt, most people own life insurance to provide income for their loved ones in the event of a premature death. However, death due to the big three: hypertension, heart disease, and diabetes have dropped by 32%. Disabilities due to these conditions are up by 55%.

Features of  Disability Insurance
How then can disability insurance provide the type of protection you need. The benefits for this type of insurance will help cover monthly living expenses when you are sick or hurt and unable to work. If you are a small business owner, disability insurance will cover your monthly business overhead expenses until you return. This premium is tax-deductible for the small business owner.

Here are three important things to consider when pondering the purchase of disability insurance:

1. Age is a primary factor in determining the premium
2. Most disability policies are issued for clients between the ages of 18 and 60.
3. And, depending on your case, financial documents may be required.

Knowing this ahead of time will make the process move smoothly and satisfactorily.

Call (773) 614-3201 for a free consultation or leave your e-mail address to learn more about disability insurance or a medicare supplement plan. if you are receiving Medicare.  

5 Ways to Protect Your Family's Financial Independence

If you have a growing family, you probably realize that it has a way of outgrowing everything, especially their income and that there is a need for financial management.

While you are working towards achieving financial independence, think also about simultaneously implementing steps for protecting it. 

Having the right types of financial insurance and proper estate planning helps to relieve you of concerns associated with protecting your family's financial independence should a negative, unexpected event happens.

Consider these 5 financial management strategies for doing so:

1. Purchase long-term care insurance (LTCi) 

Long-term care Insurance is available to cover you if you acquire a chronic disease or disability and relieves your family of the burden of providing for your personal care. As I said in an previous post on long term care insurance, this type of policy covers the possibility of you not being able to perform at least two activities of daily living, without assistance, with the expectations that it will last at least 90 days. 

It includes a wide range of healthcare and social services such as day care, custodial care, home health care, hospice care, intermediate care, respite care, and skilled nursing care. LTCi does not cover hospital care.

2. Maintain appropriate levels of life, auto, home, and health insurance benefits.

Life insurance is one of the most important products you must consider obtaining in order to provide financial security for your loved ones. Auto accidents can cause financial and economic havoc to you and your family. Besides, in most states it's legally required. 

3. Homeowners insurance is especially a necessity for both homeowners and renters if you want to ensure that your possession are protected in case of a fire, theft, liability, or any other disaster. And, if you have ever been sick or injured, you know that it is important to have the right type of health insurance

4. Evaluate the need for an umbrella policy to help protect you from lawsuits. A serious personal liability lawsuit can reach catastrophic levels for the party defending the law suit as the judgment may potentially exceed the insurance policy liability limits. 

Once the liability limits are exhausted, the insured is often forced to pay a substantial amount out-of-pocket. Depending on your occupation and situation, you may require increased protection against catastrophic lawsuits.

5. Make sure your estate planning is up to date. The field of estate planning is a very complicated. It requires a focus on wills, taxes, law, and life insurance. 

Achieving and protecting your financial independence goes together. While it would be a shame for you to lose a substantial amount of of your money by gambling or taking a chance on risky stocks, it is equally a shame to have to pay out a substantial amount of money on a major hospital bill, for care in a nursing home, or through losing a court suit. After all you worked for it, why not keep it and pass it on.

I'll be delving into estate planning in a future post. 


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