The irony of good family health care is that the cost can be quite expensive, which can increase stress levels for many people. The stress factor skyrockets if you have to pay for out-of-pocket costs. Unfortunately, many families face this reality after the death of loved one, especially when those members die after facing a lengthy illness, forcing the family to worry about the financial impact of accumulated medical bills at a time when they should be grieving.
But term life insurance is an option to make sure this grim scenario isn’t in your family’s future.
1) Consider your long-term health care now: The truth is, no matter how proactive a person you are, no one wants to think about themselves in a nursing home or being cared for by a home health nurse, right? We’d all like to believe we’ll remain in tip-top health right up until the very end. But the above scenarios will be a reality for many adults in the future. Accounting for possible medical and long-term care costs now may mean your family won’t have to pay any outstanding bills at the time of your death.
2) Help your spouse pay for health care costs: After you’ve passed on, your spouse must pay for expenses on only one income. Paying for health care for the entire family with decreased funds is even harder. Factoring the cost of health care into your coverage and naming your spouse as a beneficiary, will ease the financial burden for him/her in the event of your death.
3) Keep your kids covered while they’re still in college: Speaking of beneficiaries, if you have children, you should consider naming them as beneficiaries as well, if only for health care reasons. Assigning money to your child as a beneficiary is a way for him/her to pay for their own care should you no longer be with them.
4) Think about the worst case scenario: This is a bit ghoulish to think about, but a few moments of being uncomfortable can give your family considerable peace of mind. Imagine that instead of meeting your demise in a sudden accident, you succumb over a lengthy amount of time to a disease. And that your health insurance doesn’t pickup 100% of the tab. You may want to consider the costs of paying for such an illness, including any associated fees, such as hospice care.
At IntelliQuote, we understand that health care costs can be quite expensive, and we only have you and your family’s best interest at heart. That’s why we do everything in our power to make sure that you use your term life insurance to protect yourself and your family today and for the future.
Looking to get a leg up on your family’s health care costs for the future? Visit our quote page and sign up to get a sneak peek at up to six quotes in just a few minutes.