Finding a replacement for your health insurance coverage is very important when you have left your job and have thereby left your insurance package. However medical insurance is just one of the benefits that you had or should have had in your benefits package. Giving the same consideration to other aspects of insurance and financial planning will lead to the long-term health of your family’s finances.
Some of the things to consider include:
- Disability Insurance
- Life Insurance
- Retirement Planning
- Long Term Care
- Health Insurance
- Dental Insurance
Being without a job is bad; being unable to get a job is much worse. If you have a permanent medical condition that keeps you from working, an improvement in the economy will not help you.
Having a robust disability insurance plan can keep you from losing your home and your happiness. Disabled people are not only more likely to have their homes foreclosed upon but they are also more likely to be divorced.
If you have people who depend on your income for their food and shelter, you should have life insurance.
If we don’t die too early we run the risk of out living our money. Without a good plan the money is more likely to run out. Create a plan and stick to it. An extra vacation a year could cost a lot in the long run.
Long Term Care
Contrary to public belief, Medicare does not pay for most nursing home stays. Insurance for home health care and nursing homes is an important part of financial planning. A week in the nursing home can cost over $1,000. This can mean that decades of savings can be wiped out in a few years. If you go into a nursing home without proper coverage your spouse may suffer as your costs eat up the money he or she needed for their retirement.
Medical insurance is another essential. However, purchasing a less expensive plan may allow you to beef up your coverage in the other areas. If you are willing to pay for the little things you can purchase a much less expensive health insurance plan that pays for the big things.
Dental insurance is not an essential benefit in my opinion. It is nice to have, but only if it is priced well. Dental insurance is often too costly when compared to the benefits provided. This is especially true when you are purchasing it on your own.
The Big Picture
Protecting your financial future involves much more than just medical insurance. We do not offer financial planning, but I strongly recommend it. Getting a check-up with a financial planner who can advise you on all aspects of insurance and retirement planning can protect your family more fully. A financial advisor may not understand intricacies of the various insurance policies; however, he or she can give you a good overview and help you reach your goals.
A comprehensive plan and the discipline to follow it is the best way to insure your financial future.