Last week we talked about the importance of updating your long term care health insurance coverage periodically. This week I’d like to continue this discussion by talking about other circumstances that lead to a need to update your insurance coverage. Some of the situations that will create a need to change your long term care insurance include getting married and getting divorced.
Getting married is great for your overall health. Research has shown that people that are married tend to live longer than people who remain single. If you have chosen to get married then you will want to look at your health insurance and long term care insurance before the wedding ceremony. You will need to figure out what coverage you have and what coverage your fiancée or fiancé has and then determine what coverage gaps you need to fill. Since many couples decide to get a complete medical workup prior to getting married you can use this information to determine what potential long term care services you will need as a couple. You can then purchase ltc coverage that will allow you to meet these needs.
On the flip side, if you happen to get divorce you will also need to readjust your long term care coverage. Since you will no longer be sharing insurance policies, you will need to adjust your coverage so that you have the coverage that you need in a single policy, or in multiple policies that are just yours. You can be very vulnerable to medical problems after a divorce because of the stress associated with the process, so make sure you take care of your health insurance separation while you are in the middle of getting a divorced. This will keep you protected and ensure you get the health care services you need in the event that you develop a medical condition.
