Many people are reaching an age where regular medical attention and treatment is necessary to continue to live a happy and healthy lifestyle. With all the advances in modern medicine today, people should be taking advantage of the opportunities they have to live longer, healthier lives.
However these advances and treatments in medicine come at a cost; the price of medical treatment has risen so sharply over the past decade that many people cannot afford to use the modern medicines that we have today to extend their lives and enjoy all that life has to offer.
Even people with life threatening diseases often cannot afford to receive medical treatment for the ailments that are shortening their lives because the cost is too high. For this reason, people have the option to purchase various types of insurance to help offset the cost of medical bills and treatment.
Health insurance is a great way to protect yourself in the event of a medical emergency. There are many different choices and options when it comes to health coverage; you can choose to pay a very high cost and have every single possible thing covered, or can choose to pay less and only cover a few different emergencies. Many people receive health coverage through their work, however, if you do not, there are several affordable options available to you through private insurance providers nationwide.
Life insurance is a great way to protect yourself and provide for your family should you unexpectedly pass away. Life Insurance works by guaranteeing a financial payout to your family should you die. Just like health insurance, you pay a monthly or annual premium that enables you to continue coverage for yourself. Many people feel that it is more beneficial to have life insurance than health insurance because the cost benefit ratio of life insurance is so much better. There are two main kind of life insurances that people purchase.
Term Life Insurance
Term life insurance is insurance that provides coverage for a specific, pre-specified amount of time. You purchase a policy for a certain number of years and pay a certain amount each month. If you die during the time that you policy is in effect, then your family receives a cash payout. If your policy expires and you haven’t yet passed away, you receive nothing and you must open a new policy and start paying all over again.
Whole Life Insurance
Whole life insurance is a kind of insurance that covers you throughout your entire life. This policy cannot expire, and therefore the policy holder is generally guaranteed a cash payout. Because of this, a whole life insurance policy is generally much more expensive than a term life policy, but the benefit is much higher as well. People with existing health conditions will have a hard time purchasing a life insurance policy because their risk of death is much higher.
One kind of insurance that is very popular with baby boomers and senior is Medicare Supplemental Insurance. This insurance, also commonly called Medigap, provides additional coverage to those who are currently receiving health benefits from the government funded Medicare system.
There are many “gaps” in the coverage provided by Medicage, and Medigap insurance fills those gaps. Medicare Supplemental Insurance is generally very affordable and works in conjunction with Medicare. This is a great option for seniors and others who may have difficulty getting life insurance because of their age, or who will have to pay extremely high premiums for private health insurance.
The perfect kind of insurance will be different for each person. Finding the right coverage depends on your age, social status, income, personal health and many other factors. Take some time to research the various insurance options available to find which works best for you.
Jessica Thorseon has a degree in Communication with an emphasis in English Composition. Born in Seattle, Washington, she has a love for the outdoors and natural health. Jessica enjoys cooking with organic foods, doing yoga and hiking.