When a member of your family becomes seriously ill you have many concerns. The last of them should be money, but unfortunately for many families financial concerns become overwhelming at this time. Many families have lost most of their savings or primary source of income as a result of a major illness.

You have probably worried about how you would cover the cost of treatment and follow-up care for rehabilitation, home care, medical equipment or physical therapy should a family member suffer a long-term illness. Like many families you may also worry about how you would balance work and family obligations should a member of your family become seriously ill.

What To Consider

Serious illness in the family is something that you want to be prepared for. You want to understand what is covered by insurance and how remaining hospital and physician expenses would be covered.

You should also recognize that coverage might be different if you are employed, self-employed or retired. For instance, if you are employed you might be dealing with your employer-based health coverage program and you should understand your options. If you are self-employed you may have private coverage, be covered by your spouse's employer, or a combination of both. If you are retired you may be dealing with Social Security, Medicare or Medicaid.

You will need to consider that regardless of which type of coverage you have - some health care insurance has a limit on coverage on the high-cost of a lengthy hospital stay and possibly no coverage for post hospital care in an assisted or nursing facility. This could put you at risk of losing your entire life savings while trying to care for a loved one with a serious illness. Another concern to consider is the loss of the sole or primary wage earner's income when they are focused on taking care of their loved one.

How Harborstone can help

A Harborstone Financial Advisor can help you understand all your options that will allow you to protect you and your loved ones from the financial impact of a serious illness. This free information and consultation will include information on Medicare, Medicaid and other options for private Long-term care insurance, a type of insurance that covers post-hospital and assisted living care.

Free education and information on health care insurance, long-term care and disability coverage is one of the many benefits of being a Harborstone member. To schedule a complimentary appointment with a Harborstone Financial Advisor, call (253) 589-8396 today.

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