Skip to main content

Sponsored Content

How to Deal with Rising Health Care Costs

Jun 29, 2016 03:32AM ● 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

Family Features Family Features Lifestyle
  • 3D Printing 101

    01/23/2018
    04:30PM — 05:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


  • Citizenship Classes

    01/24/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Heart Notes with Ashana Sophia

    01/24/2018
    06:00PM — 08:00PM

    From the atoms that make up your body to the spiraling Milky Way galaxy, everything is an express...


  • Cinema on the Bayou

    01/24/2018
    06:30PM

    The 13th Cinema on the Bayou Film Festival has selected nearly 180 films, including World, U.S. a...


  • Free-Throw Thursdays

    01/25/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    01/25/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


It looks like we don't have any events for this date. You can always add an event.

  • Blowout Book Sale

    01/27/2018
    10:00AM — 05:00PM

    Come to the Hilliard Store for a blowout book sale! Select titles will up to 50% off. Members can...


It looks like we don't have any events for this date. You can always add an event.

  • Citizenship Classes

    01/29/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • 3D Printing 101

    01/23/2018
    04:30PM — 05:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


  • Citizenship Classes

    01/24/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Heart Notes with Ashana Sophia

    01/24/2018
    06:00PM — 08:00PM

    From the atoms that make up your body to the spiraling Milky Way galaxy, everything is an express...


  • Cinema on the Bayou

    01/24/2018
    06:30PM

    The 13th Cinema on the Bayou Film Festival has selected nearly 180 films, including World, U.S. a...


  • Free-Throw Thursdays

    01/25/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    01/25/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


  • Blowout Book Sale

    01/27/2018
    10:00AM — 05:00PM

    Come to the Hilliard Store for a blowout book sale! Select titles will up to 50% off. Members can...


  • Citizenship Classes

    01/29/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Citizenship Classes

    01/31/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Flex your creative writing muscles at a literature workshop organized by the Acadiana Writing Pro...


  • Free-Throw Thursdays

    02/01/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    02/01/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


  • During February's workshop, the legendary Jackie Miller of Iota, Louisiana, will be leading a tra...


  • Courir de Mardi Gras

    02/04/2018
    10:00AM — 04:00PM

    Join us at Vermilionville on Sunday, February 4th, from 10:00 a.m. to 4:00 p.m, as we bring a tra...


  • Citizenship Classes

    02/05/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Trivia Time

    02/05/2018
    06:00PM — 07:00PM

    Think you know your trivia? Have you watched way too many Rom-Coms and think you can beat out oth...


  • Toddler Time

    02/07/2018
    10:00AM — 11:00AM

    Parents and their children will enjoy story time, songs with finger play, participate in a hands-...


  • Citizenship Classes

    02/07/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Join the theatre department as select students perform pieces of poetry, monologues, and short sc...


  • Lafayette Reads Together Film Screening

    02/07/2018
    06:00PM — 07:45PM

    As a part of the Lafayette Read Together event, two films will be screened in February for those ...


  • Free-Throw Thursdays

    02/08/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Dentistry from the Heart

    02/09/2018
    07:00AM — 01:00PM

    Quest Pediatric Dentistry is hosting its annual Free Pediatric Dentistry day. We are offering a f...


  • 3D Printing 101

    02/09/2018
    01:30PM — 02:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


  • Yoga in the Galleries

    02/10/2018
    11:00AM

    Join us on the second Saturday every month for yoga at the Hilliard Museum led by an RYT-200 cert...


  • Citizenship Classes

    02/12/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


 

 

January 2018 - 10th Anniversary Issue