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Being ill or disabled can severely damage the best-laid financial plan. The cost of health care can be outrageous, and if you can’t work, your income will be impacted – as will your ability to keep the bills paid. There is a way to prevent the worst from happening, however. You can protect yourself with the right insurance coverage.
Because of the extremely high costs associated with medical treatment, health insurance is very important to have. Be sure to buy a policy before having an accident, a serious illness, or becoming pregnant, since insurance often doesn’t cover health care for preexisting medical problems or conditions.
Many people have group health insurance plans through their employer or union. If you do, you may be required to pay a portion of the premium, particularly if you work part-time. Still, since the costs and risks associated with health care are spread among many, the cost to you is usually low. Individual health insurance, on the other hand, can be costly and once you purchase a health plan, the premiums may increase.
There are several different types of health insurance plans:
If you can’t work because you are ill or injured, disability insurance will keep the money flowing in so you can continue to pay your bills.
Long-term care insurance is for seniors and the permanently disabled who can no longer perform aspects of daily living, such as eating, dressing or getting around on their own.
Many people buy long-term care insurance for a loved one. It gives them the peace of mind that they will be properly cared for while protecting their finances against the high cost of assisted living facilities, nursing homes and extended home care.
When exploring a long-term care insurance policy, whether for you or someone else, be aware of several key factors:
When evaluating any policy, research the company and plan thoroughly, and buy just what you need – never more. Your financial health depends on it.
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