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Why Do I Need Mortgage Protection Insurance?

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Many people think spontaneity is the beauty of life. Little surprises will boost their day and uplift their mood. But sometimes, surprises can come in devastating forms that unfortunately, you can’t plan for.  If you find yourself in a position where you are no longer able to work, you’ll likely be in a position where you need some sort of relief. And this relief can come in the form of mortgage protection insurance (MPI).

In this article, we’re going to explore why you may want to consider getting mortgage protection insurance for your household. But first, let’s learn more about what it is.

What is mortgage protection insurance

If you’re unfamiliar with mortgage protection insurance, you’re not alone. Some are unaware that mortgage protection insurance is offered, and don’t know what it means. A mortgage protection insurance plan will provide coverage for your mortgage bills every month. It serves those who have been struck with unforeseen circumstances – like a sudden job loss, an unfortunate sudden death or an accident that hinders their ability to work – and are unable to make timely payments. However, an MPI won’t cover all of your home expenses. That means you’re still going to have to pay for your property taxes and homeowners’ insurance, as well as any other payments that are expected of you.

Could an MPI (mortgage protection insurance) be for you?

Mortgage protection insurance is not for everyone, but it’s a great tool to provide some peace of mind to you and your loved ones after an incident occurs. That’s why it’s possible you could need one. Ask yourself: What is my plan if my husband or wife is unexpectedly injured? What if he or she unexpectedly passes away? Are you losing a source of income if that happens? These aren’t the most pleasant thoughts, but they’re ones you need to be thinking about so that you can decide whether an MPI is the right move for your family.

Begin creating a backup plan for what you would do if a tragic situation left you without a source of income. Think about the ways in which you would be able to pay your bills. Would you have family help you out? If your loved one passes, will you have access to his or her life insurance? If you are unable to come up with a solid game plan, then you may heavily want to consider getting an MPI.

Disadvantages of having MPI (mortgage protection insurance)

With every insurance option comes advantages and disadvantages. So, of course, there are some disadvantages toward having a mortgage protection plan.

  • MPIs can come with costly premiums. In the beginning, you’ll probably find that the premiums match the coverage you get from the protection plan, but as time progresses, you may pay more than what you’re receiving.
  • There may be other options out there for you. If you have a low mortgage payment, a mortgage protection plan may not be in your best interest. This is because you can invest your money into an emergency fund that will be able to help make the monthly payments on your mortgage. Or, if you are the beneficiary of life insurance payments, that may be able to cover your mortgage as well. Make sure to look into the alternatives available to you before making any decisions.
  • It is less flexible than other types of insurance. MPI plans have some similarities to life insurance plans because they both provide death benefits. However, the death benefit on your MPI doesn’t go to a loved one. It goes to your lender. It’s possible that this would help your family because it would mean that they’re safe from mortgage debt. However, if your family no longer wants to live in the home or needs the money for more pressing issues, then the loved ones you are leaving behind don’t really benefit.However, if you had a life insurance policy, then the death benefits would go directly to whom you designated as your beneficiary. This is an important difference to note between the two that ultimately becomes a disadvantage for an MPI

Advantages of having MPI

Although there are some disadvantages to having an MPI, there are also some great benefits that come alongside it. These benefits could be the determining factor as to why you decide you need to get a mortgage protection plan. These include:

  • Peace of mind. Think about it: it helps your family. It’s one less thing to worry about. If your spouse is injured, having an MPI will allow you to focus more on tending to him/her instead of wondering how you’ll be able to make the monthly mortgage payment. You’ll also be relieved to know that this loan will also be fully repaid, regardless of the condition of your spouse’s health.
  • No one has to pass away in order to receive coverage. We’ve mentioned this multiple times already, but it’s something that people easily overlook or quickly forget. That’s why it’s worth repeating: your family can qualify for an MPI if you or your spouse become disabled or unable to work.
  • You’re guaranteed acceptance. If you have health issues or were recently injured, this is a great relief because you’ll get the help you need at a faster rate. Some other insurance policies also offer some form of guaranteed acceptance, but it’s possible that you will have to wait up to two years before you receive the benefits. This is especially important because if you pass away before you are accepted, then you will not receive a death benefit. With MPIs, applicants are quickly accepted and don’t have to worry about waiting those long periods of time. And what makes this greater is that you will be accepted for mortgage protection insurance even if you wouldn’t have been accepted by a traditional life insurance plan.

Where should you go to get your MPI?

Now that you’re thinking about how a mortgage protection services could benefit your home, you could be asking yourself what the next step is. Where should you turn?

This is where we can help. An internet search may be able to help you find an insurance agent to work with, but a generic internet search doesn’t know your situation or concerns like The Best Senior Services does. The Best Senior Services works with you to find you the best insurance agent that will help prioritize your needs and set you up with a mortgage protection plan that benefits you. Call us, or visit our website, to get started and find out who can help you.

 

Surprises can be great. Surprises can also be a complete misfortune. The tricky thing about them is that you can never plan for them. That’s why there are plans like MPIs (mortgage protection insurance) to help you get back on your feet if you’re suddenly unable to work. It’s important to figure out whether an MPI is valuable to you and your family. At the end of the day, when your head hits the pillow, you won’t lose any sleep knowing your MPI has your back.

The BEST Financial Decisions a Senior Could Make

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All throughout your life, you’ve been responsible for making financial decisions. Whether it be determining where to go on vacation or when it is best for you to retire, you’ve had to take some time to make these choices. You’ve worked hard to enjoy your senior years, but those days can be hard to look forward to if you don’t have a stable handle on your finances.

This article is designed to tell you the best financial decisions that a senior can make, so that you can go into your retirement knowing how you can bring yourself some peace of mind.

 

  1. Budget carefully. You’ve heard this time and time again, especially from us, but this is advice that will never expire. Set limits. Think ahead. Be mindful. These are all quick and simple ways in which you can budget carefully.

 

Your income is likely to be lower during your retirement years than when you were working, so this means you will have to save more and spend less. You can do this by drafting a list of things you want — like new clothes or a quick get-away trip — and things you need — health insurance, nutrition, transportation and more. Determine how much money you are realistically willing to spend on the things you want and how much money you will have to spend on the things you will need. This will help you begin your budgeting phase.

It is also always safe to partner with a financial specialist who can help you determine how to budget your money.

  1. Establish a good relationship with your bank. There’s nothing better than having a good relationship with your bank, and there’s nothing worse than having a bitter relationship with your bank. You can maintain good grounds with your banking institution a number of ways: being open and honest, display financial strength and clearly define how your bank can help with financial goals. Doing this will significantly help you in the long run — especially if you find yourself in a financial emergency and need all of the help and support you can get. Trust us, your bank is something you will want to have on your side.

 

  1. Enact fraud safeguards. Older generations are more likely to be scammed, or experience fraud, for a number of reasons. The most obvious reason is because they’re trusting and don’t understand that people are solely after their hard-earned money. Luckily, there are ways in which you can prevent yourself from being scammed. One of these ways is to get your family involved. If you have children, download apps that will alert you and your children in the result that there was a large sum of money withdrawn from one of your accounts.

 

Another way you can protect yourself is to not believe everything you read, especially if it’s coming from the internet. Be careful about what you read online because that is where a lot of seniors are targeted.

Being scammed, or having fraud committed against you, is a scary experience. That’s why one of the smartest financial decisions you can make is to be to protect yourself and always beware.

  1. Prioritize paying off high-interest debts first. When many think about their debts with high interest, they think of their credit cards. And they wouldn’t be wrong. Prioritizing these debts is an important thing to keep in mind. Doing so will provide two major benefits. First, prioritizing your high-interest debts will let you pay off all loans and debts faster. Yes, you read that right! Second, you will end up saving money. That’s because you will pay less in interest if you pay off your high-interest debts before your low-interest debts. So, keep this in mind: the quicker you pay off your high-interest debts will result in lower interest payments.

 

  1. Consolidate any debt you can. You’re familiar with what it means to consolidate your debt. It’s even possible that you already consolidate some of your debts. If so, keep it up! Not only will this reduce the number of payments you will have to make, it’s also possible that it will lower your interest rate and monthly payments. Monthly payments can be lowered because your payments will be spread out slightly further into the future.

 

Other advantages to debt consolidation include:

  • Your credit score could be improved.
  • Your budget will be simplified and easier to manage because you will have fewer monthly bills.
  • Less stress because of the aforementioned benefits.

 

  1. Research, research, research. Did we mention research? Seriously, do it. Making any financial decision blindly increases your chance of facing financial disaster or being scammed. If there is a new insurance policy that your spouse wants to try out, or if there is the opportunity for you to become a part of a deal, you will want to do as much independent research as you can before you make any final decisions. The worst thing you can do is dive head-first into a deal without any research invested into it, and it end up being a terrible one.

 

You can conduct this research by talking with a licensed agent or referring to government-approved websites to see what potential advantages and disadvantages are. You’ll thank yourself later.

 

  1. Take on at least two mindsets when faced with a deal. If there is a deal being pitched to you, put yourself in at least two different pairs of shoes. Think about what you would be coming away with, but also think about what the person pitching to you will also walk away with. Doing this comes with a lot of benefits: not only are you slowing your pace and taking more time to consider this offer, but it also allows you to weigh the pros and the cons.

 

If the person who is pitching this service or product to you is very obviously getting the better end of the deal, whereas you benefit by only a little, then it may not be the smartest move. Make sure that you come away from every offer feeling equally as empowered as the seller. This may require negotiation, or it could mean that you turn the offer down altogether.

 

  1. Utilizing The Best Senior Services. One of the best financial decisions that you can make throughout your senior years is getting into contact with The Best Senior Services (TBSS). Not only will you gain education on Medicare and other financial services, you can also be connected with a local licensed agent who can answer any questions or concerns you have. TBSS works for seniors because we care about your well-being and financial success.

There are a number of financial decisions that you can make, and each will come with advantages and disadvantages. Before coming to any conclusion, you will want to slow down and consider your options. Conduct research, think about everyone involved and how it can help you with our budgeting plan.

 

If you want to learn more about how you can get in touch with TBSS, then we have you covered. You can get started with us today by visiting our website or calling us at 855.979.8277. We look forward to getting in touch!

How Can YOU Prepare for an Emergency?

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The question of what will happen in the event of an emergency is a passing thought that a lot of people have, but it bears asking on a regular basis. If there is a crisis, what can you expect? What are you going to do? Are you prepared at all? Looking at this question from an objective point of view will make it easier to answer.

 

And, luckily for you, The Best Senior Services is also here to help you figure out what you can do if there’s an emergency.

 

This article will discuss the type of emergencies you could face, how you can handle them and the importance of recognizing a crisis. Let’s jump right in and define what kind of emergencies we will be discussing.

 

What classifies as an emergency?

There are a lot of things that can be classified as an emergency. In fact, too many things to compile into one list. That’s why we are only going to be focusing on a few of the basics. Luckily, these are all instances you can prepare for.

  • Natural disasters
  • Medical emergencies
  • House fires

 

Natural disasters

What classifies as natural disasters are: fires, earthquakes, floods, hurricanes, tropical storms, typhoons, tornadoes, extreme cold freezes/heat waves and more. Unfortunately, these aren’t necessarily preventable. Sometimes, they aren’t even predictable. But most of the time, they are. If you are thinking about moving to a new state during retirement, you may want to consider researching areas where natural disasters are considered low.

 

For example, the Louisiana coastline is susceptible to hurricanes because it has an elevation that is almost equal to sea level. California experiences a lot of earthquakes because it lies on the San Andreas fault line. California also experiences a high number of wildfires because of its hot weather being paired with its dry climate.

 

If you live somewhere where natural disasters may be common, you can protect yourself by:

 

  • Having a physical copy of all evacuation routes on hand. There are multiple reasons why this is important. First, only memorizing evacuation routes may not be as effective as you think. You will likely be experiencing a lot of fear and, as a result, you won’t be thinking as clearly as you usually do. This means you could experience trouble remembering all of the exits from the city in which you live.

 

Second, you will also want to make sure that the copies you do have are on paper, and not electronics. This is because you may be experiencing power outages in your home. That means if you keep the listed routes on your computer, you won’t be able to pull them up. If you’re thinking that you can just refer to your phone, you may be right, but with a power outage comes a loss of internet and the inability to charge your phone. You will not want to have to look at your phone if you don’t have to because it will drain your battery.

 

You can access evacuation routes by contacting your local officials. They will be able to provide you the ways in which you can leave your city.

  • Have an emergency plan and kit. If you live with your family, you will want to get together to discuss how you can collectively escape an emergency. Assign each family member a role: one person will contact help (if possible), one person will retrieve the emergency kit (which will hold important documents, identifications, emergency money, medications, etc.), one person will be responsible for gathering food and water, and more. Assigning roles, if at all doable, will help keep tan organized flow when disaster strikes.

 

If you need assistance in creating a family plan, you can contact the Federal Emergency Management Agency at its toll-free number, 1-800-621-3362 or visit its website. You can also contact your local government to get a more specific plan based on where you are located.

  • Have a portable radio. In the event that power is lost, a portable radio will help you stay up to date on what is happening in your area, and how you can stay safe.
  • Keep your gas tank as full as possible. If you are in a position where you are able to leave your home in favor of a shelter, or you’re able to safely leave your city altogether, the odds are high that other people have the same idea. This means that gas stations will be filled with people trying to get last-minute gas.

 

If you have the availability, keep gasoline containers in your garage that can be readily accessed to fill your car. These can be accessed at your local Walmart or Lowe’s Home Improvement.

 

Medical emergencies

There are all sorts of medical emergencies that can happen. A few common examples are difficulty breathing, heart attacks, strokes, fainting, broken bones, poisoning, and excessive bleeding. Unfortunately, medical emergencies happen suddenly and without much of a warning. However, if you have a history of medical issues, you can prepare yourself for the possible next one.

 

You can prepare by:

  • Knowing the quickest route to an emergency room and/or hospital. Knowing this will help you avoid taking unnecessary longer routes.

Google Maps and Waze are great apps to help you determine what the quickest route to your local hospital or emergency room.

  • Have emergency phone numbers on stand-by. These are the most important numbers to have a copy of. These will include your local police and fire department, the ambulance center, your hospital, your doctor, and poison control. Keep a copy of these posted on your refrigerator so that you are regularly reminded of where they are. It is also useful to have all of these phone numbers saved on your phone, so that they are one quick phone call away.
  • Wear your medical identification tag (if applicable): This is especially important if you have chronic illnesses. This will assist personnel by letting him or her know what you are experiencing. He or she will then be able to properly give you what you need.
  • Have an emergency supply kit. Things you may want to consider having inside of your kit would be eyewash solution, instant ice/heat packs, tongue depressors, applicators, thermometer, and pain relievers. Your emergency supply kit should also include supplies that are specific to your needs, whether it be an asthma inhaler or an EpiPen. If your kit is going to include an EpiPen, make sure there are instructions alongside it so that if someone is having to administer it to you, he or she will know how to effectively use it.

 

House fires

These can be one of the scariest things you can experience. Not only has your safety hub become dangerous, but your personal belongings are also at risk of being destroyed. And the older your home is, the more likely it is to be caught on fire. These are fearful realizations to have, and they shouldn’t be taken lightly. However, on the bright side, there are measures that you can take to ensure a house fire prevention.

 

You can prevent house fires by:

 

  • Regularly checking your smoke detectors. According to the U.S. Fire Administration (USFA), you need to inspect your smoke detectors at least once per month, and you need to change your batteries once or twice per year. This is one of the most important things you can do because your smoke detector will be your first official notification that there is a fire starting within your home.

 

Once every 10 years, you will want to replace your smoke detector.

  • Keeping an eye on your appliances. Appliances like your stove, microwave or washing machine set can pose as a significant fire hazard. Sometimes, all it takes is one cycle in the washing machine, or one pot on the stove, to set something off.

 

An all-too-common fire that starts from your appliances is the grease fire. These are specific fires that should not be put out with water. In fact, water will only make it worse. To put out a grease fire, you should turn off your heat source and cover the fire with a metal lid. You will then want to pour baking soda on the fire. If these do not help it get lower, you will want to have a fire extinguisher nearby to suffocate any growing flames. If all above fail, call 911 and leave your property immediately.

  • Being careful with candles. Candles are a quick way to start an accidental fire, whether you drop one or forget to blow it out. If a candle is lit, you should always make sure that it is in your vicinity. Never leave the house, or go to a completely separate area of your house, with the candle still lit. The wax is combustible, and it can result in a devastating house fire.
  • Practicing safety protocols. You remember stop, drop and roll, right? Good! It still applies today. If in any instance you are hit by flames and your clothes catch fire, you will want to stop what you are doing, drop to the floor and roll. Other safety protocols include how to use a fire extinguisher. An easy way to remember this is through the acronym PASS. This stands for pull, aim, squeeze and sweep.

 

Why is it important to recognize an emergency?

Each emergency will be different. So, no matter how many crises you have lived through, no two crises have been the exact same. That’s why it’s important to always know what to do in the event one happens. Treat each emergency like it’s your first, meaning that you should not know exactly what to expect.

 

Additionally, it’s important to recognize an emergency because it could be the matter of life or death. Acknowledging this helps you and others in the event of a disaster, fire or medical emergency.

 

Other things to keep in mind

There is a lot of planning that goes into preparing for an emergency and it can leave you feeling overwhelmed and unsure of where exactly to start. This is where The Best Senior Services can help. If you need more information on how to begin planning on an emergency that you believe could happen to you, call us today at 855.979.8277, where we will have a local licensed agent waiting to speak to you on the other end.

 

As scary as emergencies are, it doesn’t mean you can ignore them in hopes that you won’t be hit with one. You should always be prepared. You’ll thank yourself later!

 

3 Viable Options for Senior Living

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Seniors today are living long and relatively healthy lives. This means that more and more people over the age of 65 have time to enjoy retirement. But aging does bring with it some limitations for many individuals. Because of this, it makes sense to determine where you will live in your golden years. While there are numerous options, we’ll take a look at three of the most common: living at home, moving into a smaller property, and relocating to a senior-oriented community. But before that, make sure to visit TBSS (The Best Senior Services) — the authoritative resource for senior services!

 

Enhance your current living space

 

Perhaps the most desirable option is to stay home. And for many seniors, this is a great choice. If you’re thinking of sticking to where you are, perform a thorough evaluation of the property to determine whether it will continue to be safe and comfortable. Remember that as you age, your mobility and vision can change. One of the first places to assess is the stairs. FineHomebuilding’s Michael Maines explains that your stairs’ rise and run determines how comfortable it is to ascend and descend each step. Anything too far outside of code’s standards can increase your risk of falling.

 

Check the flooring throughout the house. If it is uneven, wrinkled or slick, it may be time to replace unsafe surfaces with vinyl tile, carpet with a lower pile, or other sturdy surfaces. Similarly, lighting plays a role in your overall safety, so plan to install both ambient and spotlighting throughout. In addition to in-home modifications, you can also maintain an aging-in-place lifestyle by hiring professional in-home care staff.

 

Of course, senior-friendly home modifications could take up a big chunk of your retirement nest egg. You do, however, have funding options. For instance, if you served in the military, you could be a prime candidate for VA IRRRL refinancing. Also known as a ‘streamline’ loan, this is a way to refinance your current loan or mortgage so you can lower your interest rate and save money, which translates to more funds to create the supportive and accessible home that you need at this stage in your life.

 

Move into an accessible home

 

While you are looking at your home, you may decide that it will be too expensive to stay. If this is the case, it’s time to begin looking for a home already set up with seniors in mind. Plan to purchase a property with accessible features. This might include a ramp at the doorway, lower cabinets, and a large bathroom with a walk-in tub or shower.

 

Spend some time researching your local housing market before you make the decision to sell your current home. Learn what the median sales price is in Owasso — up 1.4% from last year. You’ll also be able to locate information on the average down payment you can expect.

 

Having all of this data at your fingertips can help you best calculate the costs of maintenance or renovations. And don’t forget to include room in your budget for the actual move. Hiring professional movers is much safer than trying to do it on your own, or even with help from family.

 

Enter into assisted living

 

Assisted living communities are designed for seniors who need help with day-to-day activities. In an assisted living center, you won’t have to worry about cooking, transportation, or security. Further, you have access to a vast range of recreational activities. Perhaps most importantly, you will be amongst friends and will always have someone nearby when you get bored or lonely.

 

Assisted living may not be the least expensive option, however. While the cost of buying a new home or renovating your current home can be easily calculated based on the market and condition of the property, the cost of assisted living varies widely. Your monthly fees can range, on average, anywhere from $1,000 to $5,000. If you want to live in a luxurious setting, you can expect a much higher price tag.

 

The choice on where to live in your senior years is one that only you can make. While you, of course, have the option of staying where you are without making any changes or moving in with family, it pays to prioritize your safety today and in the future.

 

by:

Harry Cline

New Care Giver (newcaregiver.org)

10 MAJOR Retirement Decisions You’ll Make

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Whenever you’re able to retire, there are a couple of decisions you will need to make relatively soon. This can be a confusing and frustrating process that is stress-inducing, especially if you don’t know where to start. That’s why it’s important to recognize what you need to do before you begin the planning process.

 

This article will introduce you to 10 of the major decisions you will have to make upon your retirement.

 

  1. Can you afford to retire? This may seem like a silly question, but there are many people who, unfortunately, can’t afford to retire whenever they reach the full retirement age. And no one knows your financial situation like you do. Luckily, there are multiple ways in which you can answer this question.

    To have an effective answer, there are a couple of things you will need to do. These include:

 

  • Calculate how much you spend annually, and on what. There is hardly a day that goes by where we’re not spending money. You are typically purchasing things like food, clothes and experiences. You’re also expected to pay insurance premiums and bills, whether they be home repair bills or your typical water bill. Figure out how much of your money is going toward these necessary payments, and how much is going toward “fun” things. If you find you’re spending too much money on going out to eat, then you have a place to start cutting back. Additionally, when looking into your bills, see if there is a way in which you can reduce your payments. Whether that be by switching internet providers or using less electricity, it can be done.
    • BONUS: Compare how much you spend during the regular calendar year with how much you’re spending on the holiday season. A lot of the times, your spending habits during these months will reveal much more than you expected.
  • Determine your sources of income. How much money you make is an integral part of determining whether you can afford retirement. Determine how much money you make in your job, as well as how much money you made from any side jobs, too. Doing this will allow you to be realistic about how much you can spend, an whether you truly can afford retirement. Meet with a financial adviser to gain any insight as to how you can better prepare yourself for your retirement.

 

  1. Will you change your living situation? You will need to determine whether you plan to stay in your current home throughout retirement, whether you will downsize or whether you will move in with a family member or into a retirement community. If you plan on living in your home for the remainder of your lifetime, then you may want to consider a reverse mortgage. If you plan on moving into a retirement community or downsizing, then you will want to figure out what you will do with any excess items that will not be able to fit in your new residence. Will you donate them, tore them, gift them or sell them? Sit down with your spouse and loved ones to talk about what is the best decision.

 

  1. When do you plan on collecting Social Security? The earliest in which you can collect Social Security is the age of 62. The latest age that you can collect Social Security is 70. You may have heard this a few times before, but the longer you wait to collect, the more money you will receive on your benefit. However, that doesn’t mean you must wait until you are nearing 70. In fact, according to the Social Security Administration (SSA), 34.3% of eligible seniors collect their benefits at 62, while 18.1% collect it at full retirement age (66), and only 3.7% collect it at 70.

 

You may be wondering why people don’t just discipline themselves and wait until they’re 70, and that’s a valid question. The reason why lies within everyone’s financial situation, as well as their health situation. Someone who is in good financial standing, and is equally as healthy, can most likely afford to wait on his or her Social Security benefits. However, someone who has quickly-deteriorating health due to a chronic illness or injury, and is struggling to find a way to pay for treatment, may need that money now more than ever. Other people pull from it early because they can’t predict whether they’ll make it to age 70. It all truly depends on what your health status and financial stability is.

 

Sit down with your loved ones, or a local licensed agent, to determine what is the best plan of action for you. Thinking out loud will allow for others to offer input that you might not have considered, and it could get you one step closer to your decision.

 

  1. How are you going to afford health care costs? If you are over the age of 65, it’s likely that you’re enrolled in Medicare. And if you’re coming up on your 65th birthday, then Medicare is something you’re going to want. Delaying could result in late penalty fees.

You must ask yourself about how you plan for paying for your Medicare or other health care plans. Luckily, there are multiple ways in which you can do this. The first solution may sound tricky, but it will provide many benefits. And that is to stay healthy. The healthier you are, the lower your health care expenses will be because you will have less medical problems to address. This is maintained by regularly exercising and eating sensibly.

 

You also have a better chance of affording your health care costs by staying in-network. What does this mean? Well, in your health plan is a network of doctors who are within it and accept your form of health care coverage. Stick with the doctors who are in this network and avoid trips to those who are not. Otherwise, you’re stuck paying for a service that your insurance doesn’t cover.

 

A third solution is to always get second opinions. If you are being recommended for a knee replacement, you may want to consider a second opinion. Otherwise, you could be subject to many expensive tests or medical treatments that could have been avoided. Now, if your knee is giving you pain, you may not need to get that second input. But if this is news to you, it’s something to think about.

 

There are multiple ways in which you can afford your health care costs. We recommend meeting with a financial specialist or local licensed agent to figure out the best move for you.

 

  1. Are you going to invest? Whether you decide to invest during your retirement years is completely up to you. There are those who greatly advocate for it, and then there are those who will greatly warn you about it. For brevity’s sake, we will be focusing on what most seniors who invest do: invest into the stock market. Those who advocate for this encourage seniors to invest because it is a quick and easy way to grow your nest egg. However, others will warn that you have a higher risk of losing the money that you’ve invested.

If you decide to invest, you will want to first identify how much you are willing to lose. Make that your risk-cap, meaning you will not invest any more than that amount of money over a certain period of time. You will also want to research into the different kinds of investments you can make, as well as which companies seem like the promising fit for that.

 

  1. What is your retirement budget? In other words, how are you planning on spending your money when you reach retirement? This is something you can quickly determine with a financial specialist because he or she will be well-acquainted with your income and spending habits. The financial specialist will then be able to help you plan out how you can spend, save and/or invest your money throughout your retirement.

 

  1. What Medicare plan are you going to choose? Now, some people are already enrolled in Medicare by the time they retire. And some people are automatically enrolled into Medicare Parts A and B on special circumstances, so it’s possible that this isn’t much of a decision you have to make. But deciding on whether you want to sign up for Medicare Part D, or choose a Medicare Advantage plan, is a decision you will need to make if you retire before 65.

 

 

  1. Do you have a will prepared? A will is needed for most — if not all — people, especially those who want to pass their things down to loved ones. In order to prepare a wil, you will need to complete a few key steps. The first is deciding what kind of will is applicable to you. Most people simply utilize a simple will, or even a last will and testament. You will then need to determine what will be going into the will you have chosen. This list can include property, personal belongings, financial accounts, etc. Then you will determine which beneficiaries will be receiving what. It’s important that you are specific during this part, so that your loved ones can avoid confusion and tension.

 

Once you have determined these core steps, you need to sign your will — in your handwriting — in front of people who can witness it. Depending on where you live, this may have to be at least two people. However, your witnesses cannot be beneficiaries or guardians, should you have one. Rather, they can be just about anyone else, ranging from a former co-worker to your neighbors. Once you complete signing it, keep your will in a safe place. This will prevent damage to it and it will be readily available whenever needed.

 

  1. Should you consider long-term care insurance? When you get older, you’re going to need assistance with bathing, cooking, cleaning, dressing and more. That’s normal and is expected for most people who live well pas their 80s. But before you do so — should you decide to purchase it — you will need to discover how many years you will be insured for, and what the advantages and disadvantages are.

 

On average, people utilize this insurance for three years. An advantage to this is that it relieves you of any financial stress if you or a loved one need this service. A disadvantage to long-term care insurance is the fact that your premiums can be subject to increase, and this can happen at any time. This is a large disadvantage for those who never end up using this service.

 

  1. What is your preferred method of paying for services? By services, we mean bills or premiums that you are expected to pay. With a good portion of business interactions happening online, you have a whole new way of paying for your services. However, most seniors prefer to stick to the classic mail-in option for bill and premium payments.

 

Determine how you want to pay for your services and figure out how you would do so. For example, Medicare.gov offers four different payment options:

 

  1. Pay online through your Secure Medicare account.
  2. Pay directly from your savings/checking account through your bank’s online bill payment service.
  3. Sign up for Medicare Easy pay, a free service that automatically deducts your premium payments from your savings or checking account each month. You can expect this to happen usually on the 20th each month.
  4. Mail your payment to Medicare via check, money order, credit card or debit card. There will be a coupon that will come in your bill. You must fill this out, or else your payments could be delayed. If you pay with credit or debit card, fill out your account information and the expiration date, as well as sign the coupon.

Mail your payment — and your coupon — to:

Medicare Premium Collection Center

PO Box 790355

St. Louis, MO 63179-0355

 

There are a lot of decisions that you are going to have to make throughout your retirement. Take it easy on yourself and plan for these decisions ahead of time, so that you are not drowning in the decision-making process at a time where you should be kicking back and relaxing.

If you have any other questions or concerns about the decisions you will have to make upon retirement, don’t hesitate to contact The Best Senior Services (TBSS). At TBSS, we strive to educate seniors about Medicare and other financial services. You can get in touch with us by visiting our website or calling us at 855.979.8277 today!

Should You Consider a Whole Life Insurance Policy?

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When you were young, purchasing an insurance policy that was just right for you was probably confusing and slightly overwhelming. As you got older, some of that confusion may have subsided, but insurance still seems like a lesson that you never truly stop learning.

 

If you have had term life insurance policies throughout your years, and it’s coming to an end, you have a couple of options: you can renew your old/current plan for another term, let your plan expire and go without life insurance, or you can switch to a whole life insurance policy. This is similar to a term policy, except it’s permanent and comes with no expiration dates.

 

This article is designed to help you understand more about what a whole life insurance policy is, and whether a whole life policy could be in your best interest.

 

 What is a whole life insurance policy?

Again, a whole life policy is a permanent life insurance policy, meaning that it will cover you for the duration of your life. In addition to a whole life insurance policy, you also have a separate account called “cash value.” When the term “cash value” gets thrown abut, it means that there is a cash amount given to the policyowner whenever the policy is cancelled. It is only applicable to permanent life insurance policies, so this is something that cannot be applied to term life insurance.

 

Many insurance agents suggest whole life insurance policies because they will have you covered for life. In fact, they will even suggest that you cover your children by getting a policy for them, too. Others, like Dave Ramsey, believe that whole life insurance policies aren’t worth it. So, let’s get into the pros and cons of this policy, so that you understand both points of view.

 

Advantages to whole life policies as a senior

Here are some of the advantages for seniors who have a whole life insurance policy:

  • Whole life insurance will pay benefits regardless of when you pass away. This is true as long as your policy is still in force. As soon as you pass away, your beneficiaries will receive the policy’s death benefit.
  • You’ll have an easier time finding coverage. It’s hard to secure term life insurance when you’re at a certain age. This is because a lot of policies are 10 to 20-year terms, and when you reach that age, it’s harder to guarantee you’ll fulfill those policies. As long as your premiums are paid on time with your whole life policy, you shouldn’t have too difficult of a time getting accepted.
  • It builds cash value over time. Cash value is built within your policy when you pay your premium. By doing that, some of it goes into a savings account, and once you have enough, you can begin to borrow from that account.
  • Premiums are predictable. Premiums will always stay the same and never differ, meaning you know how much you will owe on it each month. This can be relieving to know, especially when you have other bills to pay with fluctuating payments.
  • Living benefits are accepted on whole life insurance. Let’s explain this in a little bit more depth: if you are considering whole life insurance, one of the reasons for this could be because you are critically injured or ill, you will need to become a caregiver, or you are at the point in which you need care for daily tasks. Whole life insurance offers living benefits, in which you can receive a part of your death benefit if/when you are diagnosed with an illness or injury, or it is deemed that you will be needing care.

 

To make this a little easier to understand, let’s set up an example: You have a $200,000 whole life policy with living benefits, and you were recently diagnosed with Stage 3 breast cancer. Upon contacting your carrier, you discover that you can receive $50,000 for treatment and care. This leaves you with $150,000 for your death benefit that will be disbursed to your beneficiaries.

 

You can do this with term life policies, but there’s something that you need to consider, and that is when your policy expires, your living benefits expire along with it. When your term ends, it’s possible that you will have to purchase separate plans that could cover a potential future illness.

  • You have control over your account. There are a lot of financial services you will sign with your insurance company in which you don’t have complete control over. Luckily, this isn’t the case for whole life insurance. In fact, it’s the opposite. When you sign a contract with your insurance company. You can access this account and use the money for anything you need.
  • It’s possible that you can receive dividends from your whole life insurance policy. You can receive dividends once per year, typically around the end of the year. You can expect dividends if the insurance company has paid off its fees and is deemed profitable. In this event, it will return payments to you, known as dividends. Not to mention, you will not be taxed on these dividends.

 

Disadvantages to whole life policies as a senior

Here are some of the disadvantages for seniors who have a whole life insurance policy:

  • It is expensive. And by this, we mean that there are cheaper options out there. Typically, the cheapest life insurance is term life insurance. And if you’re in great health, getting term life insurance may be the better option for you.

 

The cost of your whole life insurance policy is dependent upon a number of factors, so it’s hard to determine what you’re going to be paying until everything is finalized. This includes age, health, habits, how much coverage you need and more. One thing that you can bet on, though, is that your whole life policy will cost more than any term policy you would have had.

  • Loans require interest. Essentially, if you want your money out of the policy, you either have to cancel the policy or borrow your own money. And that requires interest. This may not sound like news to you because almost every loan out there comes with some sort of an interest fee. But when you think about it, this can present itself as a major disadvantage. You are being charged interest to borrow the money you paid into the policy.
  • It’s not the most flexible option. Once you select your coverage, it cannot be changed. This means that, your coverage will not be increased or decreased depending on what your needs are. Premiums are also adjustable. This means that if you are unsure about your financial future, this may not be the best option for you.
  • Your beneficiaries won’t receive everything. When you pass away, your beneficiary will only be receiving the death benefit, while the insurance company will receive the cash value. Your beneficiary cannot receive both. This may sound frustrating to most, and it’s with good reason. You are paying into a savings account that you don’t get to use unless you are borrowing from it. And, even then, we circle back to the interest fee that has been previously mentioned.
  • It’s not the best tool for retirement planning. Although you certainly can use parts of it – like the case value – for your retirement planning, it’s not in place so that you only have to rely on this policy. A great way to plan for your future is to invest your savings into your IRA accounts, as well as your 401(k) or 403(b).
  • Some don’t have the financial stability to maintain a whole life insurance policy. We understand that this sounds like a scary concept. And, unfortunately, it’s true. In the event that you experience financial catastrophe, and you are unable to pay your premium, your cash value will be able to cover it. However, your cash value is not designed to pay off your premiums, and it’s certainly not built to last forever. This means that, after a certain amount of time, if you are still unable to pay for your premiums and your cash value runs out, then your policy will disintegrate.

 

 

You may be coming away from this article thinking that you may need whole life insurance, or you may be thinking that you could never trust any insurance agent who will try to sell this to you. If you’re feeling the latter, don’t worry. At The Best Senior Services, we can help you. We will connect you with a local, licensed agent who will work with you on selecting the best policies for you.

Regardless, whether you should consider a whole life insurance policy is solely up to you because no one knows your situation like you do. If you meet with an agent who does not provide you with a specific way in which you will want to consider whole life insurance instead of term life insurance, then consider other options. The Best Senior Services will be happy to provide you information about financial services so that you can enjoy your retirement years. Call us at 855.979.8277 or visit our website today to get started.

The BIG Mistakes Seniors Make with Social Security

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It’s probably time for you to start thinking about your retirement. And, if you are thinking about your retirement, it’s time to ask yourself the hard questions. What is my income going to look like? How much do I have saved? How is my health?

 

The great thing about Social Security (SS) is that it’s designed to help you when you retire. But, sometimes, people jump the gun on claiming their benefits as soon as they turn 62, the year you can start receiving these payments. As a result, mistakes are made and many who do this wish that they had delayed getting these benefits.

 

This article is designed to explain some of the common mistakes that people make with Social Security, and how you can avoid them. We will also delve into the best things you can do to make the most out of your Social Security benefits.

 

 

Mistakes you need to avoid

 

  1. Exceeding the earnings limit. An earnings limit mainly applies to those who receive Social Security benefits but continue to work. This applies to those who are below the retirement age, or at the full retirement age. Let’s say that the full retirement age is 66. As of 2021, if you are the full retirement age and still working, your benefits will be reduced by $1 for every $3 you earn over $50,520. However, the penalties are much greater if you are younger than 66. As of 2021, if you are younger than the full retirement age and earn over $18,960, your benefits will be reduced by $1 for every $2 you earn over that amount.
  2. Collecting benefits just because “you can.” Many people opt to receive SS benefits as soon as they can for no reason other than they don’t want to wait to get them. Your circumstances may call for you to receive benefits earlier, based on your health or current income. In that case, talk with a licensed specialist to help you make the best decision going forward. But, if you’re able to delay your benefits, you will want to consider doing that instead. It will help you in the long run.
  3. Thinking you qualify for Social Security because you’ve turned 62. Although you do need to be 62 before you can begin collecting benefits, not everyone is eligible for these benefits as soon as the hit that age. You must work for at least 40 quarters of your work history in order to be eligible. While working, you’re eligible to receive up to four quarters a year. Assuming you earn all four quarters a year, that means you have to work 10 years before you can earn all 40 quarters required for Social Security. The required minimum of money that you have to earn per quarter is $1,470. Check with the Social Security Administration (SSA) or a specialized agent to discuss your work history and ensure you’ve earned all 40 credits.
  4. Thinking your benefits will continue to increase when you pass 70. Once you reach the age on 70, delayed retirement benefits cease to increase. If you wait until you are 63 to pull Social Security benefits, your reduction of benefits is around 25%. But, if you pull at age 64, the reduction isn’t as harsh, and is only 20%. When you receive your benefits at 70, you get an 8% increase in your benefits. If you wait until 72, it’s still only 8% and will not rise any further.
  5. Thinking everyone gets the same payment on Social Security. This simply is not true. Social Security will look at your 35 highest years of work earnings to determine how much you will be receiving in your SS benefits. Think of it this way: the more money you earn, the more money you put toward Social Security. And the more money you put toward SS, the more you will receive on your benefits. Not everyone will get the same payment back from the SSA when they decide to file.
  6. Failing to understand how Social Security is taxed. How SS is taxed is based upon your provisional income, AKA your adjusted gross income. This means that the SSA evaluates how much you’ve earned excluding your benefits. Social Security can be anywhere between 50% to 85% taxable. And that is from the federal government alone. Thirteen of the 50 states also charge a state income tax in Social Security. These states are:

 

    • Colorado
    • Connecticut
    • Kansas
    • Minnesota
    • Missouri
    • Montana
    • New Mexico
    • North Dakota
    • Rhoda Island
    • Utah
    • Vermont
    • West Virginia

 

When considering the time to file for your benefits, speak with a specialist to define how your SS may be taxed.

 

  1. Not realizing all of the benefits in which you are eligible. You’re eligible for more than you think. For example, if you’re divorced, you can qualify for up to 50% of your ex’s SS benefits. You are only eligible if you were married for more than 10 years, you haven’t remarried, and your divorce was finalized at least two years ago. Benefits can also be paid to your unmarried children, but again, they must meet a certain amount of qualifications. According to the SSA, they must be “younger than 18; between ages 18 and 19 but in elementary or secondary school as full-time students; or age 18 or older and disabled (the disability must have started before age 22).”
  2. Failing to understand spousal benefits. Yes, it’s possible that you are eligible to receive your significant other’s SS benefits if he or she is the primary earner. But how much you receive in payments is dependent on if the earner files for Social Security, not This means that the primary earner can file earlier or later, but you must be 62 before you start collecting the benefits.

 

How to get the most out of your Social Security

Now that you’re aware of what some of the common mistakes are, you can now figure out the ways that you can get the most out of your Social Security. This may seem like a difficult task, but trust us, it’s simple.

  • Delay, and then delay some more. This is worth repeating again: delay collecting your benefits as much as you can. You will earn more money by doing this.
  • Get the maximum social security benefit. Now, we acknowledge that this one may be a little easier said than done. If you wait until you are 70, the highest amount you can claim per month in 2021 is $3,895. If you wait until you are 66, the highest amount you can claim is $3,148 per month. If you claim early, at 62, the highest amount you can claim is $2,324 per month. So, how do you get to be able to claim the maximum amount? You can do it by working for 35 years, or until you are the full retirement age.
    • Work at least 35 years, or until you are of full retirement age. We know that there aren’t many people who are jumping for joy at the thought of having to work for 35 years. But there’s a reason why it’s this amount of time. When calculating how much you will receive on Social Security benefits, the SSA evaluates the 35 years in which you’ve earned the most. And, not to mention, these 35 years do not need to be consecutive. If you need a year to take a break from working, then you’ve earned that right.
  • Use an online calculator. Let’s say you’ve already worked at least 35 years and you’re thinking about collecting your Social Security now. There are multiple programs online that will demonstrate how you can get the most out of your SS benefits.
  • Suspend payments. You can do this between the time you’re at full retirement age between age 70. You can suspend your Social Security payments for as many months as you want, and when they restart, they’ll be higher. However, be careful when doing this. As soon as you suspend your payments, then your spousal and/or child payments will also suspend.
  • Understand the ins and outs of Social Security. This seems like a doozy, but don’t let it scare you. It starts with knowing the basics: your SS earnings history. After that, you can research more about how Social Security works by visiting its website or speaking with a specialist.

 

Keep in mind

If you are also receiving 401(k) or 403(b) payments after your retirement, these payments will not affect your Social Security benefits. However, it’s possible that you will generate enough of an income from the two services that you will be taxed or taxed at a higher rate.

 

The thought of collecting money just because you’ve met a certain number of requirements in your lifetime is exciting, and it’s understandable why people don’t want to waste time in getting it. However, being too quick to accept Social Security benefits without thinking all of your options through is the worst mistake you can make. Evaluate the circumstances you’re in and how collecting Social Security benefits at your current age would impact you.

The Best Senior Services can help you avoid making unnecessary mistakes with Social Security. We dedicate ourselves to educating you and other seniors so that you make well-informed decisions that are best for you. To get into contact with a licensed agent who shares this same goal, visit our website today or call us at 855.979.8277.

8 Hard Questions About Retirement You NEED to Ask

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Our whole lives, we have been having to ask ourselves hard questions: what do I want to do for a living? Where do I want to live? Do I want to get married and start a family? Now, as you or a loved one approaches retirement, there are different questions you need to ask:

  • How much money do I need to retire?
  • How much will I pay in taxes during retirement?
  • How can I apply for my Social Security benefits?
  • Can I retire early?
  • What changes do I need to make so I can retire comfortably?
  • What are the available retirement incomes for me?
  • Should I downsize?
  • Do I want to spend my savings on myself, or leave it to my beneficiaries to inherit?

In this article, we will cover these questions that you should be asking yourself, and how you can find the answer. Let’s go ahead and get started.

 

How much money do I need to retire?

The short answer is: it really depends on you. The slightly longer answer: it’s dependent upon what you want to do. The best way to start answering this question is to consider how much you’ve made while you were working, and how much of that has been put toward savings. Then ask yourself about how much you plan on spending during retirement.

 

You can meet with a financial adviser to determine how much money you need to be able to comfortably live your desired lifestyle once you retire.

 

How much will I pay in taxes during retirement?

The best person to answer this question is a tax professional. However, there are a few taxes that you can prepare to pay. These are your 401(k) and Roth IRA payments. Once you begin collecting your 401(k), it becomes an income. This is subject to being taxed because your previous contributions to it were made with pretax dollars. Your Roth IRA payments may be taxable if you’ve not had the Roth for five or more years, as well as if you’re under 59 and six months.

 

How can I apply for my Social Security benefits?

Applying for your Social Security benefits is easier than a lot of people might make it out to be. To do this, you must first determine whether you are eligible. Then, visit the Social Security Administration’s website and click on “Retirement.” The page will immediately take you to an application that can be submitted online.

 

If applying for your benefits online doesn’t seem appealing, there are other ways in which you can do it. You can also apply by telephone, by calling SSA at 1-800-772-1213, or you can visit your local Social Security office and fill out the application in-person.

 

Can I retire early?

Well, let’s think of it this way. Depending upon how much you’ve worked and contributed to your 401(k) (or 403(b)) and Social Security, it’s possible that you may be able to retire early. But instead, you really need to be asking yourself, should I retire early? And that answer is up to you. Let’s circle back to having a financial adviser. Your adviser can run through/calculate the possible scenarios you could confront. We suggest meeting with one so that you can speak with him or her about what may be in your best interest.

 

If you do not currently have a financial adviser, let us help you get started. At The Best Senior Services, we specialize in connecting seniors to local licensed agents to ensure that they are making the best decisions for their financial future.

 

What changes do I need to make so I can retire comfortably?

A lot of what “retiring comfortably” means is to be financially stable when it is time for you to retire. One way to work toward this is to budget. Figure out the little things you can go without buying. Maybe if you get a cup of coffee every day, or you buy dessert snacks when you go to the grocery store, you could cut back on how often you consume these things.

 

It also helps to increase your cash flow as much as you can. If you are still under your company’s benefit plan, take a close look at the payment options that are available. Whichever will provide you the greatest amount of income that will provide assistance throughout your projected life expectancy. A second way to increase your income is to utilize a reverse mortgage. You can think of this as a way to make money while securing your home for retirement.

 

And, of course, retiring comfortably does not just mean you need to have financial stability. It also means you’re healthy and having fun. Eat healthier and increase your exercise amount. Indulge more in your hobbies, whether it be travelling across the country or collecting coins. You’ve earned your retirement — it’s now time to enjoy it.

 

What are available retirement incomes to me?

Well, in short, the answer is that you have quite a few of retirement incomes available. Most of them come from your retirement savings accounts: your 401(k), IRA, HSA and others that are designed to financially help you when you reach retirement.

 

It’s important that you understand when to use them. You can’t keep your retirement savings in your account for an indefinite period of time. According to the IRS, you “have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA or retirement plan account when you reach 70 ½.” However, due to the changes enacted by the SECURE ACT, “if your 70th birthday is July 1, 2019, or later, you do not have to take withdrawals until you reach age 72.”

 

Should I downsize?

In this case, when we say downsize, we mean to move into a smaller home. Doing this could be beneficial for multiple reasons. When you downsize, you face the opportunity of lower mortgage and utility payments every month. The extra money you will be saving can go a long way toward other necessities or savings. Not to mention, smaller homes generally mean smaller maintenance. This translates into less rooms and square footage to decorate and clean. And, as you get older, this is a perk that is hard to ignore.

 

On the other hand, there could be some disadvantages to downsizing that you could possibly run into. If you love to host family and friends, the reduced space in your home could pose as a potential problem. This is especially apparent if you have grandchildren or other family members who are likely to spend the night when they visit. An additional problem you could face is storage costs. This depends solely on what you plan on doing with the extra things you have that don’t quite fit in your home. You have the option to sell, donate or trash, but if you don’t want to do any of those things, you will have to rent a storge locker and keep your things there. Depending on where you rent your locker, storage costs can be costly.

 

Do I want to spend my savings on myself, or leave it to my beneficiaries to inherit?

This may be one of the hardest questions you have to answer. To effectively figure this out, you will have to consider both you and your spouse’s needs and the needs of your beneficiaries.

 

Ultimately, the answer is up to no one else but you. On the bright side, there is no bad answer to this. Take your time when thinking about this and try not to rush any decisions.

 

There are a lot of other questions that you need to be asking yourself about retirement that haven’t been addressed by this article. Be on the lookout for similar articles like this that will address other questions you need to consider.

 

If you need further help on narrowing your answer down for the questions listed above, we would be happy to help you here at The Best Senior Services. We pride ourselves in providing seniors education about insurance and other financial services. We also love connecting seniors with registered agents that are local, so that seniors know they are working closely with someone who will prioritize their needs. You can get started with us today by visiting our website or calling us at 855.979.8277. We always look forward to hearing from you!

 

How to Take on the Role of the Caregiver

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You may be familiar with the saying, “Accidents don’t take a vacation.” For many, the phrase is just a passing thought. However, it’s something you want to be mindful of because you never know when the unexpected can happen. Sometimes, an accident will require your attention for only a temporary amount of time, like if your spouse breaks his or her arm and will need more assistance throughout the house. Other times, your loved one getting into an accident changes your entire life. This can come in the form of a near-fatal car accident, work accident or more. And, sometimes, an “accident” isn’t really the name for it — sometimes, your loved one falling ill is what requires you to take care of him or her. Each are unfortunate incidents.

When these things happen, it’s possible that you have to take on a new role: the caregiver. This is a loving role to become, but it can be hard to quickly be one. So, this is where The Best Senior Services can help. We have put together this article to help you get a better understanding as to how you can take on the role of the caregiver.

First and foremost, it’s important to understand that you likely are not a professional caregiver. The tips included in this article are to help manage the everyday life and the smaller tasks associated with assisting your loved one. In the event of an emergency, contact 911 and your local hospital for immediate assistance.

Now, before we begin to tell you how to do it, it’s important to note what a caregiver really is and why it’s an important role to become.

 

What is a caregiver?

A caregiver is exactly what it sounds like. It is someone who regularly cares for a child or someone who is sick, disabled or elderly.

 

Being a good caregiver is one of the most important things you can do for your loved one who needs you. It takes patience, compassion, and genuine intentions. It also demands a lot of time on your feet, as you will frequently be moving around to help your loved one.

 

Why is care giving so important?

It’s hard for a lot of people to admit that they need help in any form. So, when a loved one is turning to you for help, it’s important that you are there for them to ease any of the pain they are experiencing. Not only is it your job to help around with the needs that this person has, but it is also up to you to provide comfort and support when this person needs you the most.

 

The person you are helping out no longer has the ability to do the tasks that he or she was once able to perform. Helping this person, while trying to keep his or her life as normal as possible, is an important task because you would want the same thing for yourself.

 

So now, let’s get into how you can take on the role of being the caregiver.

 

How to do it

There are a lot of things you can do to prepare yourself as the caregiver of the household.

  • Be kind to yourself. This is one of the most important things you can do while adopting this new role. Undoubtedly, there will be days where being the new caregiver to your loved one will be hard. Your patience will be tested, and you will feel like you will be at your wits’ end. That’s what makes this all the more important. Forgiving yourself will protect you from blaming yourself for any mistakes you have made. Being kind to yourself will give you more room to take care of yourself and do the things that you enjoy. Becoming a caregiver is a large task but taking this on does not mean that you have to abandon yourself along the way. Seek help from a therapist who will emotionally help you throughout this time.
  • Establish healthy communication. If you’re able to, establish a line of healthy communication with whom you’re taking care of, as well as other loved ones. Establishing communication with the person you are caring for will open the floor to conversations about what you both need. Healthy communication will also allow you both to continue to build your relationship based on understanding and empathy. You can do this by setting up a time in which the two of you sit down and discuss what you will need from one another. Whether that be quiet hours, alone time or bonding time is up to you, but meeting to establish your desires and needs will go a long way because you are each putting in effort to make this time as easy as you can.
  • Pay attention to what your loved one needs. Oftentimes, you will have to help the person you’re caring for with basic tasks, like bathing, feeding and changing. If there comes a time where he or she is no longer able to speak for communication, you will have to be observational and understand what is needed and when. You can do this by setting a schedule — establishing a time for meals, cleaning and bed will help you keep track of what needs to be done and when. Your loved one will also be able to anticipate each day, too, which will ease any stress or confusion he or she may have.
  • If your loved one is ill, take the time to learn more about the diagnosis. You can do this by researching online, attending web seminars, or meeting with a specialized doctor to learn more about your loved one’s health condition. Learning more about the diagnosis will help further your understanding of what your loved one needs and help you better assist them if an emergency happens.
  • Refrain from creating any unrealistic expectations. This one definitely seems more difficult than it is. A common misconception is that, as you take on this role, you will be nursing your loved back to where he or she can manage alone. This may be the case if your loved one has just gotten into an accident and has been told to expect a full recovery, but it’s not the case for a lot of progressive illnesses, like Parkinson’s or chronic pancreatitis. Focus on the information you have at the moment and spend as much time as you can in the present with your loved one.
  • Accept help. In this case, you are a “non-skilled” caregiver, meaning you likely don’t have the medical background to determine the exact needs that your loved one has. That’s why there are many professionals who are ready assist you in any way you need, whether it be advice or teaching through demonstration. Ask for help from a professional (or accept any help that he or she offers) to help you take on this role in a more manageable way. This will lift some confusions you may have had about the role and educate you on how to move forward. And it’s important to note, that any help you are offered does not have to be from a professional. If a family member or friend offers to help you for the day, be sure to allow them to, even if it’s just every once in a while.
  • Meal prep when you can. When you are cooking, make enough so that you can meal prep and have leftovers on standby. The beauty of meal prep is, you don’t have to eat it within a few days if you don’t want to. You can freeze the food so that it lasts for a few months and is ready to be thawed when you want to eat it again. Having meals prepped will save you time and will come in handy when the last thing you want to do is cook.
  • Establish a schedule. There are still things that need to be done around the house, like cleaning, laundry and running errands. Create a schedule so that you can set aside specific days and times to do these things. This will help you hold yourself accountable so that other needs aren’t left behind. If you are able to, considering hiring a cleaning professional to help you around the house so that you can prioritize one less thing.

 

It may feel like taking on the role of the caregiver is a lot, and it’s likely that at times you will feel overwhelmed with confusion and wide-ranging emotions. Not only is that a normal thing to experience, it’s also a part of the process. If you are struggling with how to become a caregiver, remember that you are not alone. You are doing a noble thing and it is worth acknowledging.

 

At The Best Senior Services, we focus on educating seniors and providing them great options for insurance and other financial services. Call us at 855.979.8277 or visit our website today to learn more about how we can help you or your loved ones.

Important Documents You Can TOSS

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On the last day of school, children are thrilled to throw away or burn any homework they kept during the school year. In fact, some colleges used to host rituals in which graduating seniors would burn all of their class notes. It meant that their papers were no longer important and no longer needed.

However, as you get older, it’s harder to throw away papers and documents that you once needed. This is because you’re unsure about whether you will need them again in the future. This is especially applicable to outdated insurance or financial policies that you no longer refer to.

If you have just switched insurance policies with an agent, you are probably wondering what you need to keep and what is safe to throw away. You may even be asking yourself what should be done if you do decide to get rid of them. Is it something you should think about?

This article is designed to help guide you in understanding what documents you need to keep, what you can toss, and how to get rid of the documents you decide you no longer need to have.

 

What you need to keep

Before we get into what you should retain, let’s first address that yes, many things are digital, and we’re only going to continue further into this online era. This means that, overall, there is less of a demand for physical copies of documents because — depending on what it is – an online copy exists.

 

However, if you best organize with physical copies, keep the important ones on file and toss what you know you’ll never need. And, still, you shouldn’t toss everything. You should generally keep any outdated policy that has underlying cash value or an investment opportunity. You should also keep every insurance document for at least six years after your policy has been canceled so that you can protect yourself down the line.

 

You also need to keep:

  • The basics. These include, in no particular order: wills, marriage certificates, military records, passports, birth certificates, death certificates, Social Security cards, and more. These are things that pertain to your identity, as well as your way of life, so you must note that these are documents that you should never get rid of. Doing so could result in many obstacles for you to overcome. For example, without your birth certificate, it would be hard to determine citizenship.
  • Occurrence basis insurance(s). This policy protects you for any accident or situation during its cover period, even if it’s a couple of years old and never looked at.
  • Copies of policies that continue until cancellation. For example, life and health insurance. No matter how much time has changed, it’s important not to get rid of these. Even if you’re unhappy with your current plan, there’s always room for adjustments. Use The Best Senior Services to be connected with a specialist that will help guide you with the right steps toward updating your plan if you see that your important policies aren’t living up to your expectations.
  • Loan records. Keep all records of loans – whether it be auto loans, mortgages, or anything else – so that you have proof on file that your loan has been paid off or is actively being paid off.
  • Workers’ compensation insurance. This is one of the most important documents you need to keep. Why? Because what you might have been exposed to at a previous company may develop years later. If you had a long and successful career as a welder. For this employment alone, there are several health effects that you could endure long-term, including lung damage, cancer, Parkinsonian syndrome, and more. Even if you retired over a decade ago, you need to keep this document for an unlimited amount of time, because these companies are responsible for your exposure.

 

As you gather a better understanding of the policies you should hold onto, let’s get into the insurance documents that you will no longer need.

 

Documents to get rid of

Of course, as you consider the documents you no longer need, you have to first answer if they are outdated documents. You should never throw away documents that are still in use.

 

However, outdated insurance policies that are safe to get rid of include:

 

  • Old auto insurance policies. As long as you have received your new and current auto insurance document, and you have successfully closed out of your old one, this is something that is safe to throw away.
  • If you purchased a phone, computer, or any type of technology a while ago, it’s possible that it came with warranties. Typically, the warranty over your purchase will only cover you for a year. Once that year is up, you no longer need a document of that warranty.
  • Pay stubs. Nowadays, most people are paid with direct deposits that go straight from their employer and into their bank account. However, if you are still receiving physical pay stubs, you will want to discard of them as soon as the money hits your account.
  • Paid medical bills. Even after these are paid, you need to hold onto them for at least one year. This is in case you are ever asked for proof of payment. Otherwise, after the one year has passed, it’s safe for you to get rid of them.
  • Monthly bills. You can toss your monthly bills after you have already paid for them or the payments have already been credited to your bank statement. That’s because the company who is billing you will keep your payments on record. Otherwise, your banking institution will be able to provide you with the bill payment with your online account.

 

The next thing to address is whether they are currently relevant to you, and whether they will be in the long-term. Even if they are meaningless to you at the moment, they could hold significant value in the future. If you are still debating whether to get rid of a document, you need to:

 

  • Ensure this is a policy or document you will not need in any future sense.
  • Talk with a specialist to ensure that what you are trying to get rid of is, in fact, something you can toss. Nothing is worse than throwing away an important document that you’ll need down the line. To determine whether something is irrelevant enough to be discarded, ask:
    • Is this a policy that I am still covered under?
    • Has anything significant happened to me or my loved ones during the time this policy offered coverage?
    • Do I think I will need to reference this policy after I have properly discarded of it?
  • Mark out any important information that could lead to identify theft.
  • This won’t be enough to combat identity theft on its own, but it offers an extra layer of protection in case someone tries to claim your name or document. With a black pen, mark out any information that could help someone figure out who you are. This includes:
    • Name
    • DOB
    • Address
    • Policy name
    • Social Security number
  • Shred your old policy or document.
  • Again, this is more for the safety element than anything else. Although you’ve marked out important information, that may not be enough to stop someone from attempting to steal your identity. If you don’t already have one, purchase a paper shredder and toss your papers into it. Shred all of your old insurance policies or documents that you are confident that you no longer want before recycling the scraps you are left with. You can also burn your old policies in a well-contained fire. These are the most effective ways to ensure no one will get a hold of anything.

Deciding what is important enough to keep, and what can go, is a hard and frustrating process. You often feel as though you have too many things to keep track of, or you don’t have enough. This article is designed for you to reference in case you ever wonder what you should do if you’re torn between the two options. And, of course, if you are still worried that getting rid of a document will cause you a headache in the future, you can always keep it somewhere safe for another time. There’s no shame in that!

If you have any further questions, visit The Best Senior Services. TBSS works with you to ensure you’re educated insurance and other financial services. We love helping you or your loved ones make not only the best decision, because putting you in the right hands is important. That’s why we connect you with a licensed professional who specializes in answering your questions and leading you in the right direction. You can contact us today by visiting our website or calling us at 855.979.8277.