Your New Jersey Wills, Trusts, & Estates Explained Simply: Important Information You Need to Know for New Jersey Residents by Linda C. Ashar

Author:Linda C. Ashar
Language: eng
Format: epub
Tags: New Jersey, wills, trusts, estates, estate planning, beneficiary, probate, trustee, assets executor, life insurance, power of attorney, advance directives, state law
Publisher: Atlantic Publishing Group
Published: 2012-10-04T00:00:00+00:00

Insurance for Here and Now

Most insurance commercials focus on the worst-case scenario to scare you into buying peace of mind. Though horrible, these situations are exactly what you need to consider. While not fun, considering the effects of a serious illness, debilitating accident, or natural disaster can point you in the right directions for figuring out your insurance needs.

Medical insurance

Frequently referred to as health insurance by those who sell it, the insurance that covers medical costs is almost never used when you are healthy — but you always have to whip out that benefits card when you fill a prescrip tion for strep throat, have a heart attack, or break a bone.

The first question you need to consider is whether your insurance policy will cover your bills when you truly need it to, because if your insurance does not pay, you will have to. That payment can be high enough to wipe out your savings, not to mention any other assets you have built up over time. What most people consider is the amount that is deducted from every paycheck week after week, not the tens of thousands of dollars a hospital will try to collect from you after you have hit your “maximum lifetime benefit.”

Even if your family has no history of colon cancer, breast cancer, heart attack, or even high cholesterol, you can still be involved in a workplace accident or a horrible car crash that is not your fault, or contract a rare virus on the only trip you ever take out of the country. Anyone who has children or knows someone who has children knows that trips to the emergency room and doctor’s office are the rule, not the exception.

A simple cold going around school can land your child in an intensive care unit (ICU) with walking pneumonia — will your insurance cover a stay in a pediatric ICU? What if your child requires hospitalization while he or she is out of state visiting relatives? Knowing the terms of your medical insurance coverage, beyond the monthly premium, is an essential part of your estate planning. A few simple things to check are:

• What is the maximum lifetime benefit per person? Per policy?

• What serious illnesses are not covered?

• How is a “pre-existing condition” defined, and can that be excluded from your coverage?

• Do you have “out-of-network” coverage? Can you purchase additional coverage if you are going to travel out of your network area? Out of the country?

• What about medical care provided outside the United States — can you get reimbursed for these costs?

• When can you make changes to your coverage?

After you find the answers to these questions, compare the information against your family medical history — do any of the “not covered” illnesses run in your family? Also, consider what is on the horizon for your family, such as a child studying abroad for a year or an overweight spouse starting a new exercise program without consulting a doctor. Paying a slightly higher premium now for better coverage can prevent some devastating bills later.

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