- Life InsuranceLife insurance products can help provide financial flexibility and peace of mind in the wake of a lost loved one. The death benefit from a life insurance policy can be used to replace lost income due to death.
- Health InsuranceUnfortunately, most group health insurance plans, individual Major Medical programs, and Medicare do not cover Long-Term Care services. Consequently, any type of extended care will often place an emotional and financial burden on both the individual and their family members.
- Long Term CareMedicare was designed to cover an individual’s need for short-term medical care and treatment. It does not cover the need for long-term custodial-type care. The skilled nursing facility (SNF) benefit is as close as Medicare comes to meeting the long-term care need. However, Medicare defines the SNF benefit narrowly so that the Medicare program pays only a small percentage of the nation’s total nursing home bill and will not pay anything for care that is strictly custodial. Individuals may want to consider purchasing long-term care insurance to protect against the need for long-term care, whether that care is delivered at home, in a nursing home or in some other facility.
- AnnuitiesGuaranteed income stream – Many retirees use annuities to supplement their income because they offer a fixed monthly payment that can be guaranteed for a certain period or for life.