WSFG Blog

What is it?

Congratulations! You've decided to start a family. Up until now, your health insurance has probably been adequate, paying for routine doctor visits and prescription drugs. But now that you're facing a lifestyle change, you must make sure that your health insurance policy will keep up with those changing needs.

Check your coverage

Why did you purchase life insurance? If you're like most people who buy life insurance, you're looking to provide a source of income for someone (e.g., a spouse, parent, or child) after you die. Buying the policy was the first step. Now you'll need to do a little more work to ensure that the money you leave behind lasts.

Answer:

There are a number of different gifting strategies available for planned giving. Each has its advantages and disadvantages.

At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever before. Staying healthy is your goal, and this can mean more visits to the doctor for preventive tests and routine checkups. There's also a chance that your health will decline as you grow older, increasing your need for costly prescription drugs or medical treatments.

Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire. It sounds a little crazy, doesn't it? But that's what investing without setting clear-cut goals is like.

Over time, the value of your home has grown and your mortgage balance has been reduced (or even eliminated). The equity (the property's value minus any liens against it) you now have in your home is a reservoir of funding potential.