Life insurance and long-term care insurance (Medicare and Medicaid) ensure that you can protect yourself and your family if your life circumstances change and as you grow older. If you have done proper planning, you are giving yourself freedom to use your money to enjoy your life. Insurance can have multiple functions depending on your age and your current status in life.
When you are young, life insurance can be used to replace your current income stream if something happens to you or your spouse. Adding life insurance completes your financial plan by protecting your loved ones from future financial hardship or having to significantly change their quality of life if circumstances change.
When older, life insurance can also serve a valuable purpose. You might no longer need its death benefit to supply income for surviving family members – maybe because your children are older and earning their own income. However, it can give you more freedom to use your money to enjoy your life.
Life insurance can also assist with unreimbursed medical or long-term care expenses. You never know how long you might need hospice or an assisted living facility, so this takes some of the guesswork out of the equation. When you don’t have to dip into discretionary savings for those unplanned expenses, it means they’re available to use for something more fun!
Once you turn 65, you have access to a federal health insurance program, Medicare, to help cover the costs. However, it can feel overwhelming to wade through the health insurance companies and coverage options to select a Medicare plan that best fits your needs. Our team can help identify gaps in your insurance coverage and select policies to manage future risks. Long-term care insurance can help protect your family from financial hardships in the future.
- Initial Medicare enrollment period: from three months before to three months after you turn 65
- Medicare open enrollment period: January 1 – March 31
- Medicare annual enrollment period: October 15 – December 7
Most insurance agents don’t have information on your full financial picture. They’re trying to sell you specific products for specific purposes. However, working with your financial advisor to secure life and long-term care insurance can ensure you’re covered – but not over-insured – for your life ahead. Their advice should be holistic and product-agnostic to meet your financial needs.
At Wehring Wealth Management, our goal is to make sure all the facets of your financial life fit seamlessly together.