Are you prepared to deal with a personal medical or health crisis? Don’t feel bad if the answer is no, because most people have no plan for facing a sudden event like unexpected hospital bills, the need for mental health support, a dire medical diagnosis, lack of adequate insurance, or the prospect of dying without the proper legal documents — such as  wills, advance directives, or trusts — in place. Fortunately, there are ways to begin preparing right now for all those possibilities and sidestep the potential troubles that come with them.

For most adults, whether single or married, health and wellness are the twin pillars of peace of mind. That’s why it’s imperative to develop a plan for preventing crises and dealing with them if and when they do occur. The following strategies are a good start for anyone who believes in the value of being prepared for all sorts of unexpected events.

Selling Your Life Insurance Policy

Every year, thousands of middle-aged and elderly adults are unpleasantly surprised by large medical bills: expenses that arise from an unexpected illness or accident. In many other situations, those who are terminally ill need ready cash to cover the high cost of care. Few have enough cash or adequate insurance coverage to pay off these pernicious bills. However, terminally ill people who have life insurance policies can leverage the value of those contracts and turn them into cash through a viatical settlement. Working with a viatical settlement broker, they are able to convert the policy into a one-time cash payment that exceeds the policy’s cash surrender value.

This action provides an instant source of funds for paying essential bills. While the amount is less than the policy’s death benefit, it can be quite substantial because the third-party buyer receives the full death benefit when the policyholder dies. If the concept of a viatical settlement is new to you, or if you just want more information about how they work, review a comprehensive guide that explains all the pertinent points in everyday language. You’ll find out how they’re regulated and taxed, and how to find a competent broker who deals with them.

Getting a Second Opinion

For any serious medical condition, it’s usually helpful to get a second opinion. In fact, most doctors expect patients to seek another opinion when major surgery or a dire prognosis is involved. Discuss the subject with your primary care provider in order to develop a list of local physicians who offer second opinion services for a moderate fee.

Reviewing Medical Insurance Coverage and Getting Legal Help

Take the time to review your health insurance coverage with a licensed professional. It’s important to upgrade and adjust coverage areas as you age, especially if you already have conditions that require special attention, like diabetes, arthritis, worsening vision, or hearing loss. Additionally, consider consulting a lawyer who specializes in wills and trusts. Ask whether a living will would be a good idea based on your particular family and financial situation. Expert legal practitioners can help you create a will, advance medical directive, living will, or trust, in a short amount of time and for a reasonable fee.

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