If you are among the many Americans enrolling in Medicare for the first time during the October 15-December 7 open enrollment period, you have probably done a good bit of research on plans and specifics and feel confident in the coverage you have selected.
Is this your first time enrolling in Medicare and wondering what to do?
I am most thankful for my health and the good health of my loved ones. But, good news aside, I’ve been thinking a lot about the end of life recently. No, I’m not depressed or terminally ill. Just like you, I plan to live well beyond my life expectancy. Perhaps this heightened awareness of the uncertainty of life has come about due to the coronavirus and totally unrelated albeit tragic recent events within my own circle of friends. Sadly, I imagine you don’t have to think very long or hard to remember a friend or loved one who is no longer here.
As we head toward the end of this year and look with anticipation to the next, now is a great time to reevaluate your risk and determine if you are prepared for the new year and beyond. One question to ask yourself is whether you have protected your wealth from lawsuits or large claims that are not adequately covered under your current auto and homeowner’s policies. If you have not, you may want to consider adding an umbrella insurance policy.
With all of us managing the impact COVID has had in our day-to-day lives, there are still lingering risks and uncertainties in traveling today compared with traveling in the pre-pandemic years. For example, not all travel destinations are equal when it comes to potential COVID risks as some countries are still behind the United States in containing the variants and vaccination rates are still relatively low. Additionally, no current vaccine is 100% effective, especially because newer virus variants continue to evolve. And finally, if you are traveling with younger children, they may not yet be vaccinated.
John makes a good living as an anesthesiologist, earning more than $300,000 a year. His wages are the main source of income for his family of five.
Most clients do not expect to have an in-depth discussion about disability insurance with their wealth management advisor.
Let’s talk about it anyway. When you think about financial planning, insurance might not be top of mind – or even come to mind. But managing wealth isn’t only about growing and preserving it – it’s also about protecting yourself from the financial harm that can be caused by incidents such as theft, damage to your property, or someone getting hurt in your home or by your vehicle.
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