A well known financial personality often talks about long term care insurance on his radio program. When people call in and ask when should they start buying LTC insurance, he says at about age 60. That may make perfect sense, because at age 60, you might be pretty healthy and can still qualify for long term care insurance, and your annual premium (for now at least) would be fairly affordable. But there are 1 in 2 odds that someday you will need long term care insurance, and you are not … [Read more...] about Should Young People Buy Long Term Care Insurance?
You have your life insurance in place, your 401(k), and you are starting to save for your kids' college or your dream retirement home. Think you have it all covered? What if you have a serious accident or contract a life threatening illness? Your health insurance would pay for the medical bills, and long term care insurance might kick in at some point if it were serious enough. But these would not pay your bills or provide income. You could run through all of your money and lose … [Read more...] about Disability Insurance Protects Your Income
Aging is a fact of life. Another reality is there is no health guarantee in the latter years of life. Some seniors remain relatively healthy until their last days. Others, however, are not so fortunate. When a senior becomes unwell or has mobility difficulties, tough decisions have to be made. The two most common choices available in these situations is home care or residential care. Long Term Care Health Insurance Long term care health insurance provides numerous benefits: Sickness and … [Read more...] about Nursing Homes and Long Term Care
They sound like they might do similar things, don't they? But although both of these legal documents perform very important roles in your estate plan, a Will and a Living Will are actually very different. A Will is a document used to tell the courts how you would like your estate to be dissolved. This includes distributing your assets, paying off your debts and naming a guardian for your minor children if needed. A Living Will on the other hand, is a document that tells your healthcare … [Read more...] about What's the Difference Between a Will and a Living Will?
A mental disability or terminal illness can leave you unable to handle your finances and make your own medical care decisions. That is why it is important to create a disability plan. Without a disability plan, the legal system will decide who has control over your medical wellness and financial assets. Make a Medical Plan A mental or severe physical disability may leave you without the ability to tell your family members and doctors how you want to be cared for. If you would like to name … [Read more...] about How to Create A Comprehensive Disability Plan
If you suffer an illness or injury that leaves you unable to care for yourself, you’ll need someone to handle your affairs on your behalf. This is when a guardian and/or a conservator would be appointed for you. What’s the difference between the two? A guardian is a person who’s appointed by the court to take care of your personal interests and day-to-day care. Some of the things a guardian might decide for you are where you’ll live and what kind of medical care you’ll receive. A guardian is … [Read more...] about What's the Difference Between a Guardian and a Conservator?