Viking Magazine - February 2012 - 29

Making sure you have
adequate medical insurance,
disability insurance and longterm
care coverage can protect
you from the fi nancial fallout of
medical expenses, says Richard
Hoe, a chartered fi nancial
consultant and owner of
Richard Hoe Investments, LLC
in Tulsa, Okla. When you are
working, disability insurance
protects you from fi nancial
risk in the event of a disability.
Most people who are retired
don't have disability insurance,
but their attention should
turn instead to long-term care
insurance, advises Hoe.
Research shows that
Americans have a 45 percent
chance of needing some kind
of long-term care in their
lifetime-a nursing home,
assisted living or home
modifi cation. A couple would
face about a 60 percent chance
that at least one spouse would
need this kind of care. " It's
critically important if you are
going to plan for the future that
you have some long-term care
coverage, " Hoe says.
Also, get health care directives
and power of attorney papers
in order so if you become
incapacitated, your wishes are
followed, suggests Hoe. " You
have to give people the right
to make these decisions, " says
Hoe, adding that prolonged
measures to keep a terminal
patient alive can be costly.
While Medicare coverage
is usually a step up in
comprehensive coverage for
seniors, many have additional
expenses that they should be
prepared to cover. Supplemental
insurance, such as cancer
insurance, can provide protection
for substantial medical expenses,
and Hoe suggests consumers
shop around for the best plan
to fi t their budget and needs.
Also, make sure some of your
investments are conservative
and liquid so you can pay for
healthcare costs.
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Viking Magazine - February 2012

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