(ARA) - You have a lifetime to live. Proper planning can reduce your chances of having to depend on others for financial support and help ensure that you have a legacy to pass on to your loved ones; two of the top worries for seniors.
Working toward those goals isn't as complicated as it might seem. In fact, if you have a savings account, 401(k) or investments, you're already on your way. But that may not be enough. It is important to consider how insurance can help to protect your savings from unexpected costs.
"One of the most common mistakes we see seniors make is to short-change themselves when it comes to life and health insurance coverage," says Scott Perry, president of Bankers Life and Casualty Company, a national life and health insurer focusing on seniors. "A serious illness can eat into even large savings accounts and investment portfolios in a very short time."
Many people fail to realize their risk for illness and the impact that can have on their savings. According to the Centers for Disease Control and Prevention (CDCP), over 30 percent of adults over age 65 fall each year. A study of seniors, age 72 and older, cited by the CDCP, pegged the average health care cost of an injury caused by a fall at $19,440.
The non-profit organization Life and Health Insurance Foundation for Education (LIFE) notes that even when their children are grown, life insurance can still play an important role in preserving a couple's retirement plans.
While many nearing, or at retirement, think they no longer qualify for coverage, LIFE says that's not always so. According to their statistics, Americans, age 60 and older, are among the fastest growing markets for life insurance purchases. The key is to purchase while you are still healthy, and since premiums increase with age, waiting can mean higher rates.
For those at risk of needing care in the future, long-term care insurance can play an important role in protecting savings too. And, while it may seem expensive, it's still much less than the cost of care. According to America's Health Insurance Plans, one year in a nursing home can average more than $50,000, and in some regions, it can cost twice that amount.
"There are many insurance products that people can benefit from," adds Perry. "However, it's important that they take the time to understand what's available, so they purchase a product that meets their needs and ensures protection from an event that could be financially devastating."
Once your plans for the future are made, share them with your children. Bankers' "Aging in America" survey found gaps in perception between elder adults' actual decisions on long-term care issues and younger adults' perceptions of what their parents' viewpoints were.
Misconceptions like these reinforce the need for communication between parent and child, and not just about health care plans. Parents should also share their preferences on how they would like be cared for in the future as well as how they would like to be remembered.
Addressing these issues today can prevent future family conflicts and ensure that your legacy lives on according to your wishes.
For more senior topics, visit www.bankers.com.
Courtesy of ARAcontent
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