Leah Kelvin
Active member
If an elderly person is to have the right kind of coverage in their later years, it is important that they understand their insurance needs. They include health insurance where there may be some expenses which are not covered by Medicare requiring supplementary insurance for gaps such as co-pays and deductibles. Long-term care insurance is essential for services excluded under Medicare like nursing homes and home-based care. Life insurance can still play a role in providing financial security and paying expenses for both seniors and beneficiaries. Medigap policies offer additional monetary protection by plugging the gaps left by Medicare in terms of coverage. Final expense policy insures funeral expenses so that bereaved family members do not bear any financial burden relating to burials or cremations of their loved ones. Income protection coverages, including annuity, ensures senior’s savings and benefits remain sound thus maintaining financial stability. An experienced advisor can facilitate informed decision-making about one’s health, finances, and objectives while consulting on any aspect of this matter with such a professional would be prudent. As such, seniors are able to protect themselves as well as loved ones along the way.
