Many individuals purchase health insurance policies with the simple goal of covering the next medical bill or checkup. Since minimum coverage is specified by the Affordable Care Act, it’s easy to pick an insurer and never think twice about the level of coverage. However, if you’re savvy, you’ll consider bundling both health insurance and life insurance.

While a life insurance policy essentially provides protections for family members as opposed to covering any medical cost, having both policies in place at once can keep you healthy while assuring your family that they’ll be cared for.

Policy Bundles

Depending on your insurer, you can bundle your life insurance policy and your health insurance. Some insurance companies also lower your overall monthly premium if they provide both policies. If you don’t want your expenses to take up a large monthly share of your income, this is a great way to mitigate health care costs. Plus, while your monthly insurance premium will cover eligible medical bills, that same monthly payment will keep your life insurance policy in good standing. In an age where a large medical expense can derail your savings, it’s always beneficial to save money where possible.

If you need financial help or financial assistance, you can ask about this during the application process. If you’re purchasing your health care through the marketplace, you may be able to get some of your medical expenses covered by tax credits stipulated in the United States code. Depending on your income, the United States government will cover a portion of your medical care insurance costs. While this isn’t applicable if you’re purchasing a policy from a life insurance company, a bundled insurance policy will still be eligible for tax exemptions.

If you’re looking for alternatives to a traditional health insurance plan or standard insurance companies, you’ve probably heard of the Medishare plan developed by the Christian Care Ministry, a non-profit organization. Developed as an individual mandate for patients with Christian beliefs, Medishare has continued to grow in popularity. However, Medishare plans often have larger health insurance costs. If you want a lower insurance premium, there are even alternatives to Medishare. The cost of health insurance always matters whether it’s from doctor visits, prescription drugs, or underlying medical conditions.

Late-Stage Preparation

If you’re carrying both a health insurance plan and a life insurance policy, you’re better preparing yourself for what the future holds. If you have a spotty medical history, require home care, or have had several emergency room visits for a terminal illness, a combo policy will likely help you choose a potential viatical settlement option if needed. A viatical settlement allows you to sell off your life insurance for cash value. Even if you’re currently in good health, it’s a good idea to have a working understanding of life settlement regulations.

If you choose the right viatical settlement company, you’re in good hands. Whether you’re dealing with late-stage cancer or another terminal illness, the viatical settlement process is all about patient protection. In fact, it’s the company’s legal obligation. Popular options include the American Life Fund (americanlifefund.com). American Life Fund provides full-disclosure viatical settlement options and can find competitive share prices to get you the face value of your policy.

The Smart Choice

Whether you’re dealing with a cancer diagnosis and are looking to bundle your traditional health insurance plan with life insurance or you’re a small business owner looking to offer more comprehensive coverage, you should consider navigating the provider fee for both policies. While it may overall be a higher monthly share amount, it’s the smartest choice not only for yourself but for your loved ones.

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