With luck, you’ll enjoy good health throughout your life. Nonetheless, it’s a good idea to financially prepare yourself in case you ever encounter serious illness. But what steps should you take?
First of all, know what’s covered by your health insurance, whether it’s through an employer or Medicare. You’ll want to have some idea of what your out-of-pocket costs might be if you need some type of extensive treatment.
Next, you’ll want to ensure you’ll have enough cash on hand to address those costs not covered by insurance. Try to put away several months’ worth of living expenses in a liquid, low-risk account.
Finally, review your estate plans. You may want to establish durable powers of attorney for health care and finances so that someone can make decisions on your behalf if you become incapacitated. A legal professional can help you make these arrangements.
Preparing yourself financially for a potential serious illness might not sound enjoyable. But actually, it’s a positive move – you’re protecting yourself, and your loved ones, from whatever life can throw at you.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.