Finding a replacement for your group health benefits coverage is very important when you have left your job and have thereby left your insurance package. However health and dental insurance are just some of the benefits that you had or should have had in your benefits package. Giving the same consideration to other aspects of insurance and financial planning will lead to the long-term health of your family’s finances.
Some of the things to consider include:
Life Insurance
Retirement Planning
Long Term Care
Health Insurance
Dental Insurance
Disability Insurance
Being without a job is terrible; being unable to find a new job is much worse. Finding a new job with a group benefit plan is getting harder and starting a business or being self employed will leave you on your own without any coverage.
Having a complete disability insurance plan can keep you from losing your home and provide income to your and your family. Disabled people are not only more likely to have their homes foreclosed upon but they are also more likely to be divorced.
Life Insurance
If you have people who depend on your income for their food and shelter, you should have life insurance.
Retirement Planning
With people living longer we run the risk of outliving your money. Without good planning the money is more likely to run out. As a Registered Retirement Consultant I can help you create a solid retirement plan and a lasting retirement income stream.
Long Term Care
Contrary to public belief, OHIP does not pay for most nursing home stays and home care. Insurance for home health care and nursing homes is an important part of financial planning. A week in the nursing home can cost over $1,000. This can mean that decades of savings can be wiped out in a few years. If you go into a nursing home without proper coverage your spouse may suffer as your costs eat up the money he or she needed for their retirement.
Health Insurance
Health insurance is another essential. However, purchasing a less expensive plan may allow you to beef up your coverage in the other areas. If you are willing to pay for the little things you can purchase a much less expensive health insurance plan that pays for the big things.
Dental Insurance
Dental insurance is another essential benefit in my opinion for families. It is nice to have, but only if it is priced well. Dental insurance plans vary and can be costly, its important to compare the benefits provided by each company. This is especially true when you are purchasing it on your own.
The Big Picture
Protecting your financial future involves much more than just health and dental insurance. Getting a check-up with an independent life insurance broker and financial planner who can give advice and explain to you, all aspects of life and health insurance as well as retirement planning and how they help protect your family more fully. An independent broker can shop the market for you and ensure that you have the products that meet your needs and fit your budget.
Photo credit: Kalexanderson / Foter / CC BY-NC-SA