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Layin’ It on the Line: Secure your future: An insurance needs analysis for empty nesters and retirees

By Lyle Boss - Special to the Standard-Examiner | Mar 15, 2023

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Lyle Boss

Are you an empty nester or a retiree? If so, it’s important to make sure that your insurance coverage is up to date. Insurance needs vary depending on your age and stage of life, and having the right coverage in place can help you protect your financial security, property and health. Here is a comprehensive overview of insurance needs for empty nesters and retirees.

Overview of insurance needs for empty nesters and retirees

Homeowners insurance and umbrella policy: As an empty nester or retiree, you will still need homeowners’ insurance to protect yourself from potential property loss or liability issues. You may also want to consider getting an umbrella policy if you have significant assets, such as investments or real estate holdings, that you want to protect.

Health insurance prior to age 65: Until Medicare kicks in at age 65, individuals over 55 should look into private health insurance plans that offer coverage for preexisting conditions and other vital health care services. It’s essential to get the right plan so that you can access quality health care services when needed.

Medicare and Medigap insurance: Once you turn 65, Medicare becomes available. Medicare covers essential health care services but may not cover all your medical expenses; this is where Medigap insurance comes in handy. Medigap plans are supplemental policies designed to help cover the gap between what Medicare covers and what it does not. Depending on your individual needs, several different types of Medigap policies are available.

Disability insurance: Disability insurance pays out a portion of your income if you become disabled due to illness or injury. Disability insurance helps ensure financial security even if something unexpected happens that prevents you from working.

Life insurance: Life insurance provides financial protection for surviving family members or other beneficiaries in the event of your death; however, retirement-age individuals typically don’t need life insurance because they have already accumulated enough assets to take care of their loved ones upon their passing. However, some people may still purchase life insurance even at this stage in life to leave behind a legacy or provide additional funds for heirs after death.

Long-term care insurance: Long-term care insurance helps pay for long-term care costs, such as nursing home facilities or assisted living communities, should the need arise later in life. This type of policy helps ensure that individuals receive quality care without taking away from assets intended for other purposes such as retirement, college tuition for grandchildren, etc.

Conclusion: Having the right coverage in place during retirement may provide immense benefits, including financial security against unexpected events such as disability or long-term care needs, protection against property loss and personal liability issues, access to quality health care services when needed, and peace of mind about future expenses related to these matters. Whether you’re already retired or planning before retirement age, taking time now to assess your current insurance needs may help ensure you have all the necessary protections going forward into your golden years!

Lyle Boss, a native Utahn, is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management. Boss Financial, 955 Chambers St., Suite 250, Ogden, UT 84403. Telephone: 801-475-9400.


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