As retirement approaches, you’ll have the chance to look back at what you have achieved over the past years, including building your wealth, growing your assets, and boosting your investments. And, now, it is time to deploy the right strategies to protect and safeguard what you’ve built.
And, the best and most efficient way to do so is by investing in the right type of insurance for your needs. While the needs of each person might vary, here are some must-have insurance policies to consider as you approach your golden years!
Adequate Healthcare Insurance
The first type of insurance you’ll need to have is healthcare coverage. While these policies are important throughout your life, as you age they become essential – especially as you’ll be more prone to health issues and you won’t have a steady income to back up your finances.
In particular, adults over 65 have access to a range of Federal health insurance programs and assistance options, including Medicare, Medicaid, Medigap, and Medicare Advantage plans.
As the Open Enrollment Period (October 15 – December 7) approaches, you should consider talking to your doctor to understand what plan and part are more suitable for your needs.
Vision, Hearing, and Dental Insurance
Programs such as Medicare have helped over 90% of the senior population access basic and high-quality healthcare. However, common plans such as Medicare Part A and Part B don’t cover not-medically necessary services, such as dental, vision, and hearing tests and exams.
While high-risk patients can access these services for free or at a discounted price through Medicare, these exclusions caused the large majority of adults over 65 to skip important oral health, eyesight, and hearing checkups.
Make sure to maintain uninterrupted access to these services by supplementing your Medicare plan with Medicare Advantage or other private health insurance plans.
If you no longer have family members depending on your income and you have fulfilled your debts, you might be tempted to interrupt your life insurance policy to reduce your monthly expenses.
However, before doing so, it is important to assess the investment and cash value component that comes with permanent and universal life insurance policies. What’s more, ad hoc life insurance policies can also help cover expenses associated with the funeral and burial processes.
More Specialist Types of Personal Insurance to Consider, e.g. Classic Car Insurance
Since every person’s assets vary, you might consider investing in a tailored personal insurance policy designed around your unique needs. For example, personal insurance can help you safeguard your valuable classic or vintage car, or it can be modified to cover alternative assets such as fine art, jewelry, and even boats.
If you are looking for a more comprehensive alternative, umbrella covers can offer unparalleled peace of mind.
Homeowner’s or Renter’s Insurance
Real estate properties – including a family home – represent an essential asset for a wide range of household types, from young families to empty nesters. And, if you no longer have a steady income as a safety net, you should consider protecting your home with a homeowner’s or a renter’s insurance.
Depending on your assets and goals, you might also consider protecting any rental property you are using to bulk out your current income.
Long-Term Care Insurance
Not everyone finds it easy or pleasant to dwell on thoughts such as the future need for elderly care and different living arrangements. However, the more prepared you are, the more stress-free and enjoyable your golden years are bound to be.
That is why you should consider investing in long-term care insurance coverage, which allows you and your loved one to cover the expenses related to elderly care and assisted living.
In any case, before choosing the right types of insurance coverage for your needs, you should take a hard look at your current finances and circumstances, and make a decision based on your future goals and needs. If in doubt, consider partnering with a specialized insurance advisor.