Skip to main content

Here in Hanover

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 Here in Hanover's free newsletter to catch every headline

Family Features Family Features Lifestyle
  • Plainfield Pumpkin People

    10/18/2017
    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

    10/18/2017
    11:00AM — 05:00PM

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


  • Ready. Fire! Aim.

    10/18/2017
    11:00AM — 05:00PM

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


  • David Shrigley

    10/18/2017
    11:00AM — 05:00PM

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


  • A Doll's House

    10/18/2017
    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

    10/18/2017
    07:30PM — 10:00PM

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


  • Robert Frost: This Verse Business

    10/18/2017
    07:30PM — 09:00PM

    By A.M. Dolan Directed by Gus Kaikkonen October 5 – 28 For nearly fifty years, Robert Frost ...


  • Discover the Difference for Prospective Families

    10/19/2017
    09:00AM — 11:00AM

    Please join us for a Discover the Difference Open House on Thursday October 19, 2017 from 9:00-11...


  • Plainfield Pumpkin People

    10/19/2017
    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

    10/19/2017
    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

    10/19/2017
    07:30PM — 10:00PM

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


  • Robert Frost: This Verse Business

    10/19/2017
    07:30PM — 09:00PM

    By A.M. Dolan Directed by Gus Kaikkonen October 5 – 28 For nearly fifty years, Robert Frost ...


  • Plainfield Pumpkin People

    10/20/2017
    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

    10/20/2017
    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

    10/20/2017
    07:30PM — 10:00PM

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


  • Robert Frost: This Verse Business

    10/20/2017
    07:30PM — 09:00PM

    By A.M. Dolan Directed by Gus Kaikkonen October 5 – 28 For nearly fifty years, Robert Frost ...


  • Plainfield Pumpkin People

    10/21/2017
    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

    10/21/2017
    11:00AM — 05:00PM

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


  • Ready. Fire! Aim.

    10/21/2017
    11:00AM — 05:00PM

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


  • David Shrigley

    10/21/2017
    11:00AM — 05:00PM

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


  • Buns & Rolls, Sweet & Savory

    10/21/2017
    01:00PM — 05:00PM

    You’ll make two different doughs to swirl up a sweet roll, then master a dough that’s perfect for...


  • A Doll's House

    10/21/2017
    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

    10/21/2017
    07:30PM — 10:00PM

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


  • Robert Frost: This Verse Business

    10/21/2017
    07:30PM — 09:00PM

    By A.M. Dolan Directed by Gus Kaikkonen October 5 – 28 For nearly fifty years, Robert Frost ...


  • CHaD Hero Fundraiser

    10/22/2017
    09:00AM

    Register to run, walk, hike, bike, and raise money at CHaD HERO. You can even register for a Virt...


  • Plainfield Pumpkin People

    10/22/2017
    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

    10/22/2017
    11:00AM — 05:00PM

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


  • Ready. Fire! Aim.

    10/22/2017
    11:00AM — 05:00PM

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


  • David Shrigley

    10/22/2017
    11:00AM — 05:00PM

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


  • A Doll's House

    10/22/2017
    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

    10/22/2017
    07:30PM — 10:00PM

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


  • Robert Frost: This Verse Business

    10/22/2017
    07:30PM — 09:00PM

    By A.M. Dolan Directed by Gus Kaikkonen October 5 – 28 For nearly fifty years, Robert Frost ...


  • Plainfield Pumpkin People

    10/23/2017
    10:00AM — 05:00PM

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


  • Plainfield Pumpkin People

    10/24/2017
    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

    10/24/2017
    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

    10/24/2017
    07:30PM — 10:00PM

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


  • Robert Frost: This Verse Business

    10/24/2017
    07:30PM — 09:00PM

    By A.M. Dolan Directed by Gus Kaikkonen October 5 – 28 For nearly fifty years, Robert Frost ...


  • Buns & Rolls, Sweet & Savory

    10/21/2017
    01:00PM — 05:00PM

    You’ll make two different doughs to swirl up a sweet roll, then master a dough that’s perfect for...


  • CHaD Hero Fundraiser

    10/22/2017
    09:00AM

    Register to run, walk, hike, bike, and raise money at CHaD HERO. You can even register for a Virt...


  • 40 Years in Business

    10/27/2017
    05:30PM — 07:00PM

    Come celebrate 40 years of business at Designer Gold in Hanover Party and Recpetion!


  • Celebrat 40 Years in Business

    10/27/2017
    05:30PM — 07:00PM

    Celebrate 40 years in business with party and reception!


  • Halloween: Baking with Kids

    10/29/2017
    09:00AM — 12:00PM

    Spend a spooky day with someone you love and let us clean up the mess! You and your favorite bake...


  • Pumpkin Fest in Norwich!

    10/30/2017
    03:00PM — 05:00PM

    Kids, bring your parents! Come to the Norwich Green and carve a pumpkin to be displayed at downto...


  • Easy as Pie

    11/04/2017
    09:00AM — 12:00PM

    This class will banish even the worst case of crust anxiety! Come make and roll out pastry for a ...


 

 


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