Skip to main content

Image Magazine

Sponsored Content

How to Deal with Rising Health Care Costs

Jun 29, 2016 04:33AM ● Published by Family Features

Many seniors are finding their medical expenses exceed what they anticipated when planning for retirement. Maximizing the value of available assets can be one of the ways to significantly ease a stressed budget.

Whether living a longer, healthier life than anticipated, dealing with a critical illness or paying for ongoing treatment for various ailments, the costs associated with medical care can add up. If you or a loved one is facing this challenge, it may be time to explore alternatives that allow you to continue to cover your expenses while easing the burden on your bank account.

Consider this story about a woman who sold her $500,000 term policy to pay her medical bills and cover future treatment costs. After her husband passed away, she was having trouble meeting her life insurance premium payments. Years later, she was diagnosed with ovarian cancer and was struggling to meet the cost of her ongoing treatment. She tried to apply for an accelerated death benefit, but didn’t qualify due to her state’s regulations. That’s when she contacted Coventry Direct to explore the option of selling her policy.

She sold her policy for $175,000. Having paid only $9,527 into a policy that had no cash value, she was surprised to learn how much it was worth. With the proceeds from the life settlement, she paid off her debts and no longer had to worry about the cost of her medical treatments.

One of these solutions may help manage your assets in a way that allows you to deal with mounting health care costs:

Cut costs where you can. Ask your doctor to periodically review your medications to determine whether there are any you can eliminate, either due to improved condition or because other, newer prescriptions make them redundant. Also, talk with your doctor and pharmacist to ensure you are able to fill generic prescriptions when possible for added savings.

Take stock of your financial resources. Obvious assets such as a bank account or home can be leveraged for your financial benefit, but don’t overlook other potential resources, such as a life insurance policy. Many people are not aware that life insurance is personal property, has value and can be sold. Selling your life insurance policy, which is known as a life settlement, may result in an immediate cash payment. A company like Coventry Direct can help you determine whether a life settlement might allow you to sell your policy to help cover immediate needs or relieve the pressure of mounting medical debt.

Be a smart shopper. Shopping around for the best prices may take time, but it can also help you keep more of your money. For example, when it comes to special treatments and procedures, ask for a detailed explanation of charges ahead of time and compare outpatient facilities to hospitals to find the most affordable option.

Seek supplemental coverage. If out-of-pocket expenses are eating away at your savings account and you qualify for Medicare, consider purchasing supplemental coverage. You may find that the monthly premiums are more affordable than the costs you rack up with each new visit or prescription refill.

Managing your medical costs can feel like an overwhelming task, but there are steps you can take, including tapping into your financial assets, that can ease stress and allow you to focus more energy on managing your health and happiness.

To learn more about your options and whether a life settlement is right for you, visit coventrydirect.com/lifesettlements or call 888-858-9344.

Photo courtesy of Getty Images

Sponsored by Coventry Direct

Like what you're reading? Subscribe to Image's free newsletter to catch every headline

Family Features Family Features Lifestyle
  • A Doll's House

    09/22/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • A Doll's House

    09/22/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • Vermont Woodworking & Forest Festival

    09/23/2017
    10:00AM — 05:00PM

    From Vermont farm and forest to Vermont farm tables! Do you love Vermont furniture? Need a new fa...


  • Plainfield Pumpkin People

    09/23/2017
    10:00AM — 05:00PM

    For the sixth year in a row The Plainfield Pumpkin People will be popping up all over Plainfield...


  • The Sport of Kings

    09/23/2017
    10:00AM — 05:00PM

    All activities included with general admission to the VINS Nature Center. . Lords and Ladies al...


  • "Resonant Spaces: Sound Art at Dartmouth"

    09/23/2017
    10:00AM — 04:00PM

    10:00 a.m.–1:00 p.m. Individual artist presentations 2:30–4:00 p.m. Roundtable Discussion F...


  • Hope and Hazard: A Comedy of Eros

    09/23/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    09/23/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    09/23/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • CHaD Storybook Ball

    09/23/2017
    06:00PM

    CHaD, with the support of the state’s most creative businesses and individuals will transform the...


  • A Doll's House

    09/23/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • A Doll's House

    09/23/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • Plainfield Pumpkin People

    09/25/2017
    10:00AM — 05:00PM

    For the sixth year in a row The Plainfield Pumpkin People will be popping up all over Plainfield...


  • Free Design Consultation!

    09/26/2017
    08:00AM — 04:00PM

    Free One Half Hour Design Consultation- This consultation allows for designers to meet with you t...


  • Plainfield Pumpkin People

    09/26/2017
    10:00AM — 05:00PM

    For the sixth year in a row The Plainfield Pumpkin People will be popping up all over Plainfield...


  • A Doll's House

    09/26/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • A Doll's House

    09/26/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • Plainfield Pumpkin People

    09/27/2017
    10:00AM — 05:00PM

    For the sixth year in a row The Plainfield Pumpkin People will be popping up all over Plainfield...


  • Hope and Hazard: A Comedy of Eros

    09/27/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    09/27/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    09/27/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • A Doll's House

    09/27/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • A Doll's House

    09/27/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • Plainfield Pumpkin People

    09/28/2017
    10:00AM — 05:00PM

    For the sixth year in a row The Plainfield Pumpkin People will be popping up all over Plainfield...


  • A Doll's House

    09/28/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • A Doll's House

    09/28/2017
    07:30PM — 10:00PM

    A Doll’s House By Henrik Ibsen A new version by Robert Kropf Directed by Eric Bunge September...


  • Plainfield Pumpkin People

    09/23/2017
    10:00AM — 05:00PM

    For the sixth year in a row The Plainfield Pumpkin People will be popping up all over Plainfield...


  • Vermont Woodworking & Forest Festival

    09/23/2017
    10:00AM — 05:00PM

    From Vermont farm and forest to Vermont farm tables! Do you love Vermont furniture? Need a new fa...


  • Walk to End Alzheimer’s

    09/24/2017
    11:00AM

    This year, the walk will be held on Sept. 24, at 11 a.m., at Lyman Point Park in White River Junc...


  • Autumn Moon Festival 2017

    09/30/2017
    04:00PM — 09:00PM

    Mark your Calendars! Autumn Moon Festival returns September 30th from 4 - 9 PM! We are hoping to ...


  • Time to think about getting those legs back under you! Ski season is approaching and the snow wil...


 

 


PROUDLY BROUGHT TO YOU BY THESE COMMUNITY SPONSORS


Northcape Design Build
Hanover Inn at Dartmouth
Ultimate Bath Store

Sean's Lawn N' Garden Services
Cabinetry Concepts
New London Inn & Coach House Restaurant