Tips From Financial Advisors
This article is about how to make sure that you are getting the best care possible and the most financially viable coverage with state health insurance. Medicare has a lot of gaps in its coverage, so it’s important for seniors who have chronic illnesses not only understand what they need but also where they can find healthcare providers with affordable rates. Financial advisors offer many ways to help our clients manage their finances, including insurance plans that can supplement those holes in health coverage while still being reasonable when it comes to premiums and deductible levels.
Financial Advisor Tip: Your seniors insurance plan may be good at helping you cover some big-ticket items like hospital stays or surgery, but there will always be out-of-pocket expenses for things such as prescription medication (which might exceed $200 each month) or doctor’s visits (which might cost $50).
Financial Advisor Tip: There is a high probability that your senior client will require life-long care at some point. It would be helpful to try and help them plan for this now, especially in the event they’re not capable of handling their finances on their own. A common strategy is to set up an irrevocable trust so that if something were do happen, you can make sure there are resources available to cover any expenses incurred.
In case of need for home care services you can do these things.
For seniors with chronic illnesses, it’s important to not only understand what they need but also where can find healthcare providers with affordable rates.”
Financial advisors offer many ways to help our clients manage their finances including insurance plans that supplement those gaps in health coverage while still being reasonable when it comes to premiums and deductible levels.
Your senior client may be unable to handle his or her own financial situation – an irrevocable trust is a common strategy for helping them plan ahead. You might want to set one up now, especially if you think the person will require life-long care at some point.