What Issues Should I Consider When Reviewing My Health And Life Insurance Policies
Your life and health insurance policies are a key part of your overall financial plan. It’s important to review these policies each year to ensure that you have the coverage you need. If there are gaps, you can work on implementing proper coverage.
In this checklist we focus on issues to consider when reviewing your policies, including:
Health Insurance
· If you’re married and you both parties have access to health coverage, does it make sense for eachto take your own coverage or to choose the better of the two plans to cover both?
· If paying for coverage on your own, has your situation changed such that you should consider shopping for a new policy?
· If retired and on Medicare, you should review your situation each year to see if you need to make any changes during the annual enrollment period. You also need to ensure that you either have creditable drug coverage or select a Part D option in order to avoid lifetime penalties.
Life Insurance
· If you're covered by life insurance offered by your employer, has the coverage options or limits changed?
· For those who own permanent life insurance, it’s a good idea to review the policy including how any dividends are being applied and how the policy is performing.
· For those who own a term policy, review the time left on the policy’s term and consider whether your needs have changed.
Disability Insurance
· If your employer provides disability insurance, has there been any changes to this coverage and is it adequate?
· Do you have other sources of disability income, such as Social Security and personal savings, to sufficiently cover your potential needs, or should you consider additional insurance?
Long-term Care Insurance
· Does your policy have appropriate covered services, benefit amounts, and riders, such as inflation protection?
· Have you experienced a large increase in their your premium? If so, it might make sense to review other options.
These types of policies play a key part in your overall financial plan and in protecting your family’s assets! Any questions, we’re here for you info@echo45advisors.com