With National Medicare Education Week quickly approaching many residents in Michigan may have long-term care planning on their minds. Many people throughout the state are starting to inch closer to retirement age. These individuals may be wondering if they have the financial resources available to help provide for their needs well into the future.
While for many people, long term financial planning includes making sure they have enough money to pursue their retirement goals -- like purchasing a vacation home or traveling -- it should also include planning for the unexpected. As people age, this often means a medical crisis.
Having appropriate health insurance coverage is an important part of making sure people are ready for unexpected medical challenges. This includes reviewing a person's health insurance coverage from time to time.
There are many considerations that people should make when determining if their health insurance works for them. This includes whether or not a person's current plan covers the person's current expenses. This includes their current prescription medication costs and other health needs.
People should also evaluate whether the insurance plan allows them to meet their healthcare goals and desires without paying more out of pocket. Additionally, people should understand whether their coverage allows them to see their own doctor or if it offers other perks like a gym membership.
Michigan residents should ensure that they take steps to successfully plan for their future. Long-term care planning is just one important part of this. With the right preparations, people can make sure they have the best possible plan for their future.
Source: The Huffington Post, "Shopping For Health Care: It Pays To Do Your Homework," Dr. Efrem Castillo, Sept. 6, 2016