Financial Freedom and How To Protect Yourself From Trouble – Part 4

January 19th, 2008 | Stacey | Financial Freedom

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The final part of our series about financial freedom and protecting yourself and your hard-earned assets from trouble has gone over important insurance options to cover your home, car, health and work. Another way to safeguard your assets and health is to invest in long-term care insurance, which is a fairly new product in the insurance marketplace.

Long term care insurance helps to preserve assets that may be liquidated to pay for medical expenses in the event you become seriously ill or disabled and require long term care. Having this type of insurance also ensures that you will get quality care. The key market for long term care insurance are people over 50 years old who have assets of $100,000 or more. Long term insurance will cover the costs of serious illnesses that may not be covered by Medicare or your regular health insurance in the event your unable to feed, clothe or bathe yourself and need the assistance of an aide.

This coverage may be available through your employer and can become pricey so you should shop around. Also, if you are considered indigent, these type of expenses may be covered by Medicaid so explore all your options prior to investing in a long term insurance plan. You can find out more about long term care insurance from the National Association of Insurance Commissioners, who puts out the free “Shopper’s Guide to Long-Term-Care Insurance.”

Now that you know how to protect your hard-earned assets, you can maintain your financial freedom without worrying.