Longevity Planning Is Smart, But Some Financial Advisers Say “No”.
Today, it is difficult to find many people who have not been affected by the additional family costs and burden of long term care. Advances in medical science bring longevity. With longevity come the burden and costs of aging. Such health problems can be caused by illness, accidents or simply the effect of aging. Caring is always difficult for family members. You can’t really depend on a spouse, because if you’re older, your spouse will too. Your children will have their own responsibilities, families, and careers. New research conducted by the Public Affairs Research Center says many young people are already providing long-term care services to older ones. It is not easy for them.
An alternative to the pet medical insurance contract is medical insurance. Set up a specific savings account for the sole purpose of raising funds for any medical care for pets. That way you can monitor the exact amount of money you have available for emergencies and some of what you can get from your pet’s regular checks and vaccinations. This requires discipline and time, so it is not particularly useful if your pet needs extensive medical care immediately after he or she takes you home. This helps you start your savings with a larger deposit at the beginning and make smaller weekly or monthly incremental deposits to accumulate it.
Affordable medical fees imply you may likely not exceed the deductible even on an affordable deductible policy, so obtaining a high deductible policy keeps medical insurance costs as low as possible, protecting you in case something catastrophic happens.If you decide to follow the high deductible route, getting your Health Savings Account (HSA) plan and financing it with at least the equivalent of the one year deductible is the best option. An HSA plan perfectly covers the greatest weakness of a highly deductible health medical insurance policy, meaning you would have to shell out a large amount of money on a large medical expense before medical insurance takes control.
In your life, your most valuable asset is your health. Many of us see medical insurance as a kind of financial help we receive should an illness or accident occur. Meanwhile, it is imperative to bear in mind that maintaining good health is equally important. If you eat well, you can be in good shape. If you do not have medical insurance, you do not need to go to a doctor for medical examinations. In fact, a health medical insurance policy allows you to benefit from “preventative care” which are part of most plans. What you can do is consult your qualified doctor for exams and participate in other benefits such as health checkups. This can help you maintain your health. Additionally, the medical insurance policy plan you have chosen can help you figure out what is included.