How to deal with rising health care costs

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

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.

(Family Features)

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