Preparing To Pay For Senior Living
Planning is crucial to having a successful financial life. You should always strive to leave room in your budget for potential health concerns, your retirement lifestyle, and your senior living facility if you find yourself needing one. You may be perfectly healthy now, but we as humans have to face reality: we can’t live forever, and our bodies and minds will start to deteriorate.
For Veterans – Aid & Attendance
Any veteran who is eligible for a pension from the VA and who is either housebound or needs help at home may be eligible for payments. It acts as an increased monthly pension and can help pay for either home care costs or nursing home fees. You can apply by visiting your local veteran benefit office. You’ll need evidence of your need for nursing care (any evidence of your disease or injury).
Life Insurance
Some life insurance plans allow you to take money out (tax-free) while you’re still alive. That means that you can use your life insurance policy as sort of a savings account for your future long-term care.
The younger you are when you purchase life insurance, the lower your premiums can be. If you don’t already have life insurance, buy now. Even if you don’t use it for your long-term care costs, you can use it to make sure your family is not left with your debts when you pass away.
Long-Term Care
Medicare will cover certain services based on your needs. For extra coverage, you may want to consider a long-term care policy. Long-term care policies will give you a daily allotment of money to spend on anything from your skilled nursing facility to an at-home aid. The catch is that you have to purchase long-term care insurance before you actually need it. If you’ve already had cancer, a stroke, Alzheimer’s, or another serious ailment, you might be denied long-term care insurance. Pre-existing conditions can prevent you from getting a good policy. If you buy now, you’ll be covered for when you get older and really need the help.
Ready to make a purchase? We can send an agent to your home to help you sort through your options and solidify your financial future. To get started, give us a call at 844-431-1832.
What Are Your Chances Of Developing Cancer?
Did you know that your chances of developing cancer are largely due to your DNA?
Last month, CMS (the Centers for Medicare and Medicaid) announced that Medicare can now cover genetic testing for cancer (as long as tests are FDA-approved). If you are aware of your chances of developing cancer early on, you can watch for it and be better prepared. Plus, cancer is almost always easier to cure when caught early on.
Is Cancer Hereditary?
Not necessarily. Scientists believe that inherited DNA only gives you about a 5 to 10% chance of developing cancer. The rest of your chance of developing cancer usually comes from your environment. Genetic testing looks for mutations in your DNA that reflect a chance of developing cancer. DNA mutation does not mean that you will definitely develop cancer, but it means that there is a chance that you will.
Genetic Testing For Cancer
Genetic testing is non-invasive. Sometimes it involves a simple cheek swab, and sometimes (depending on the test), the tester may need to draw blood. You may be able to complete a genetic test at home, but speak to your doctor first.
If you have any family history of cancer, or if you have lived in an environment with harmful chemicals or heavy smoke, it may be a good idea to seek out genetic testing. Always speak with your doctor before making these types of decisions. A doctor who knows your medical history may tell you that it’s not necessary or may encourage testing.
Cancer Coverage
Original Medicare (Part A and Part B) will cover hospital costs and doctor visits, and Medicare Part D will cover prescription drugs. However, cancer treatments generally are not kind on your piggy bank. You can purchase a Medicare Advantage plan that combines Part A, Part B, and Part D all into one plan. Then, purchase an additional cancer policy to cover extra items like physical therapy, ambulance transportation, surgeries, and replacement of lost income.
Cancer policies are usually reimbursement policies. The carrier will send you a check upon your diagnosis. That means that you can use your coverage for anything. If your family history or genetic testing tells you that you are at a high risk of developing cancer, you may want to invest in a cancer policy now so that you can be more financially prepared.
Our agents can help you decide what policies are best for you. Set up a free appointment by calling us at 844-431-1832.
