The first world countries are witnessing an ageing population. In Oklahoma itself, the cost of senior care is rising and if you do not plan it early, you might end up with a rude surprise. So here is a brief analysis of how to finance your healthcare after your retirement.
Long-Term Care Insurance
There are many benefits of long-term care insurance policies. You are worried about the costs not covered under your private medical insurance policy! Worry not! Long-term insurance policy will cover them. This policy will help you take care of the costs of long-term diseases. Under the general terms, a long-term care insurance policy finance the cost of assisted living, home care, respite care, nursing home, hospice care and Alzheimer’s care facilities and independent living in Oklahoma City. As per the general rules, most of the companies will not finance the clients with previous medical histories. Thus, it is a good idea to purchase the policy before the advent of health issues.
Government Aided Long Term Care
You may be surprised to know that the government funded Medicare is not applicable for the seniors of more than 65 years age. The policy also does not cover the long-term senior care costs.
Life Insurance Policy Conversions
Do not let your life insurance policy get surrendered or face a lapse! Rather convert it into a long-term care benefit plan. It could be a Universal, Term, Whole and Group life-insurance plan! Up to a death benefit of $50,000 to $1,000,000 could be easily and quickly converted into a Long Term Care Benefit Plan. It will start to cover the costs of any Senior Care form, immediately. There are no care limitations, no wait periods, no obligations to apply for, no costs and no premium payments. In addition, you are eligible for direct-tax exempt, immediately.
The Reverse Mortgage alias the Home Equity Conversion Mortgage (HECM) is applicable for the home owners above the age of 62 years. It helps one to convert the equity saved in the form of a home, into cash. The plus point is that after you go for it, you are capable of using the home equity together with keeping the home ownership right. You can use the home equity fund as you like!
Finance your independent living in Oklahoma City following an error-proof plan. Please remember that financial independence is must to lead a confident life. So, get going and plan it now!