3 Financial Planning Tips Great for Your Health

3 –May20 – X Financial Planning Tips Great for Your Health – Blog

Hello, everyone. We hope that the way you approach your financial planning is as smooth as silk. Continuing the trend from our last post, 6 Unique Ways to Save Retirement Funds, we are now taking another opportunity to share more tips on how to manage your finances in an efficient manner.

This post’s focus will be on health and wealth management. Yes, both concepts directly connect with each other, that mismanagement of one may very well be the downfall of the other as well. We hope that the tips we’ll be sharing today will help you and other readers have a better shot towards a brighter future – we all do deserve the best during retirement!

Set a Saving and Earning Mindset (Don’t Forget to Consult with Experts Too!)

We’ve mentioned previously the importance of saving and earning funds for the golden years. Striking a balance will allow you to have a financial safety net that you will surely appreciate during retirement. Remember: a significant number of baby boomers haven’t set aside funds for their future, so this should serve as an urgent call for you to take action!

Additionally, find time to consult with a financial expert as well. You would need all the help you can get to secure your finances for the twilight years – what better way than seeking help from an adviser, right? But please do take some precautionary steps when selecting a financial adviser. The AARP has listed several steps for you to do just that.

Your Health Literacy Matters

Did you know that inadequate health literacy is a big problem in the country today? As cited by the National Assessment of Adult Literacy (mentioned in a FreeMedSuppQuotes article, The Best Medicare Supplemental Plans Help Improve Health Literacy), over 77 million individuals all across the country have poor literacy skills.

And how does health literacy figure into one’s finances? Simply put, the means on how one can interpret or understand medical instructions equate to health care costs. According to the American Medical Association, individuals with poor literacy skills on health are more likely to spend on medical procedures, with some even unnecessary! As such, taking the time to understand more on medical procedures and health instructions will not only be beneficial to your health but your wallet as well!

Select a Retirement Solution that Will Address Your Needs

To further address your health and wealth concerns during retirement, make sure to invest in learning more about retirement solutions. Some suggested options are:

Long Term Care Insurance (LTCI)

This insurance policy will help pay for custodial care and support that is expected for individuals age 65 years and above. LTC costs are rising, so it would be a good idea to inquire – and hopefully, purchase – a plan as soon as possible.

Additionally, applying for an LTCI plan early is also advantageous when it comes to qualifying for coverage. One’s health is considered as a high factor in being granted coverage. So the earlier (and healthier) you apply, the greater the chance of you able to be covered for the twilight years.

Medicare Supplement Insurance Plans (Medigap)

This form of insurance will help policyholders pay for out-of-pocket costs not covered by Original Medicare plans (Part A and Part B). These costs, or gaps, such as coinsurance fees, copayments, and deductibles, can quickly drain one’s savings if not properly addressed. Additionally, Medigap policies come in ten standardized plans. This means that applicants will surely be able to find a plan that will directly answer their unique needs or preferences.

Moreover, learning about these retirement solutions will also help improve your health literacy. And with more information, you’d be able to see which strategies to take advantage of in attaining the future you’ve always desired for.

We hope that the above financial planning tips will help you in your journey towards brighter golden years. Do you have other tips to add? Perhaps some thoughts or ideas to share? Please let us know by leaving a comment below!