Be Aware, Prepared and Proactive With your Health and Long-Term Care Insurance- Takeaways
By Andrea Young on October 28, 2024
We were fortunate to have Anne McGuire and Victoria Beeler, from Healthcare Pathfinder, LLC to lead our October Empower Women event. Drawing from their experience in the healthcare and insurance industries, Anne and Victoria provided invaluable insights into the often-complex world of health and long-term care insurance. Their knowledge of navigating health insurance challenges and preparing for unexpected events offered the tools to make more informed decisions about your healthcare future.
Understanding of Health Insurance
Navigating health insurance can be complex, with numerous plan options to consider. It’s important to take the time to explore different plan types, such as HMOs, PPOs, POS, and EPOs, while focusing on key factors like network restrictions, deductibles, copayments, out-of-pocket costs, and premiums. Be sure to leverage available resources, including insurance brokers, your human resources department, plan websites, and representatives, to help guide your decision. Understanding these critical elements is essential to selecting a plan that aligns with your healthcare needs and financial goals.
Is Long-Term Care Insurance Right for Me?
Long-term care insurance covers services that are often excluded from traditional health insurance, Medicare, and Medicaid. This includes personal care such as bathing, dressing, and eating, as well as skilled nursing care. Given the substantial financial costs associated with long-term care, discussing your options with your financial advisor is essential to make sure you’re prepared and able to make informed decisions.
Don’t Be Afraid to Speak Up
Whether dealing with insurance companies, medical professionals, or healthcare facilities, advocating for yourself or a loved one is crucial. Speaking up and appealing insurer decisions can help make sure. the appropriate care is received. It’s also wise to seek professional advice and tap into community resources to navigate these often complex processes successfully.
As always, reach out to your financial advisor to discuss how your health and long-term care insurance fits into your overall financial plan.
Enjoy the podcast episode and TAKEAWAYS from this event.
General Disclaimer
Lexington Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Lexington Wealth Management and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.
