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Plan ahead for insurance needs after age 50

 

If you are one of today’s 75 million baby boomers, you likely lead a hectic life. Many boomers and seniors are part of what’s called the “sandwich generation": preparing kids to leave the nest, caring for elderly parents and planning for your own retirement. These roles can present complex financial decisions with health and life insurance implications. Get educated and plan ahead for the road to come.

 

Caring for Aging Parents
The number of adults providing physical or financial assistance to a parent has tripled in the past 15 years. Nearly 10 million boomers aged 50+ are caring for an aging parent. Be informed about their health and life insurance choices to avoid financial surprises:

 

Make sure your parents enroll in Medicare before they turn 65 and review their coverage to determine if there are gaps. Medicare Supplement Insurance may be able to cover those gaps. If your parents need nursing home care, determine if their monthly income meets your state's eligibility level for Medicaid.

 

If your parents don't qualify for Medicaid, find out if they have a long-term care insurance policy or a life insurance policy with a rider or accelerated benefits provision.

 

Check to see if your parents have a life insurance policy. If so, store it in a safe place. If not, a Guaranteed Issue Whole Life Insurance policy may be an option to cover end-of-life expenses.

 

College-Bound Kids
You may be researching colleges for your children and trying to figure out how to cover the costs. Know your options:

Your Retirement
If you choose to retire before age 65, securing affordable health insurance can be a challenge. There are several choices to consider: