The importance of being insured

October 14, 2016

Are you ready to face an illness that requires constant and specialized care? Or are you prepared to handle a cancer treatment? Do you have the funds to pay for a nurse that provides treatment in your own home, or for the services of a hospice or a nursing home?

Maybe you believe that your traditional medical insurance can provide the necessary coverage for these expenses. However, long-term care services are not covered under your medical insurance policy. That is why you should consider acquiring long-term care and/or cancer insurance. Without a doubt, knowing that you are prepared to face any health related eventuality will bring you peace of mind.

What is long-term care insurance?

A long-term care policy covers medical services that will provide an improved quality of life when you are unable to take care of yourself as a result of old age, an accident, disability, or a cognitive, chronic or degenerative disease like Alzheimer’s.

Covered services:

  • Specialized care: Constant assistance from a nurse or other specialized personnel, in the patient’s residence or a medical institution.
  • Personal care: Help provided at home, hospice or assisted life facility when patients cannot complete basic tasks such as getting dressed, eating or walking on their own.

Why acquire a long-term care policy?

  • Cost: It is better to be prepared. This insurance will provide the tranquility of knowing that you will have the financial resources to pay for part or all required medical services not covered by your traditional health plan, Medicare o Medicare complementary insurance. Even if Medicaid pays for some of these services, it only provides help for people with limited income.
  • Life expectancy: Life expectancy is increasing; making it more likely that you will need long-term care at some point in the future.
  • Health family history: Prepare now if you know that there is a history of chronic or debilitating diseases in your family.
  • Family circumstances: What are your support networks? With an extended life expectancy, more adults end up having to take care of their parents. Think about how hard it will be for your relatives, who will probably be older and might be sick as well, to have to assist you at all times.

Cancer insurance

A cancer insurance policy can help you afford unexpected expenses not covered by your medical insurance. It can also provide an emergency fund to offset the loss of income in case you are unable to work while undergoing treatment.

Consider cancer insurance if you…

  • Have a family history of cancer. If you are predisposed to this illness it is better to be prepared.
  • Have children that depend on you. This type of policy guarantees coverage for treatment and insurance in case you have to stop working.
  • Are your own boss. If you stop working as a consequence of the disease, this insurance will help in case of any financial issues.
  • Take care of your money. It is unwise to spend your life savings to pay for medical treatments. It is better to have insurance that allows you to retain a fund you can tap into.

In Premium Banking Services, we have a specialized team that can provide you with more information about our available insurance options, so that you may enjoy a better quality of life during difficult times. Contact us Monday through Saturday from 8:00 a.m. to 8:00 p.m. at 787.PREMIUM (787.773.6486).

Note: This article applies to Premium Banking Services clients.