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| Estate Planning For Multiple Sclerosis |
To do this, you need to determine the "index" of the various policies you could obtain. Each policy is usually offered for a fixed annual premium amount. By reading the policy, you can determine how many days of hospitalization it would take to recover your annual premium. For example, if your annual premium is $150, and a proposed policy pays $50 per day beginning on the second day, you would need to be hospitalized for four days to collect your annual premium back in claims benefits. Your "index" for such a policy would be four.
For another example, if your policy costs $200 annually, and your policy would pay $125 per day beginning on the third day, you would have to be hospitalized for four days to collect your annual premium back in claims benefits. You should rate each policy similarly; and determine the payment index for each policy.
Next, you need to compare the index scores for each policy to your hospitalization history. When your average annual hospitalization rate exceeds the index on each policy, you should apply for that policy (assuming that it will eventually cover your MS).
You should purchase no more policies than you can afford even when you are not hospitalized. Of course, if your average annual hospitalization rate is quite high, and you find yourself receiving large sums, this can be a virtually limitless strategy. Only your imagination in determining what groups you can join to obtain this coverage will limit the amount of cash you can generate when you are ill. Additionally, if the biggest obstacle to your ability to work is hospitalization, this insurance can even serve as a crude substitute for disability insurance.
Unless you find that you are hospitalized often, you need to carry only one of these policies to help pay for the deductibles and co-payments you may have if you are hospitalized. Keep information on the others in a file so that if your amount of hospitalization begins to justify the premiums, you can sign up for multiple policies of this nature at that time.
Estate Planning
A COHESIVE ESTATE plan accomplishes the following things: (1) designates who will get your property when you die; (2) sets up procedures and devices to make sure your property passes to others free from probate, or that your estate owes the least amount possible in probate fees; (3) sets up ways to pass your property to others while reducing or avoiding taxes; and (4) sets up management for property you want to go to others who might need outside help in managing it, including a disabled family member.
Generally, the method you choose to dispose of assets will involve a will, a trust, or both a will and a trust. In using estate planning tools to protect your loved ones, it is advisable to consult an experienced attorney because the law is complex and a mistake might have unfortunate consequences for their future. A common problem overlooked in estate plans is the effect inheritances or gifts can have on eligibility for public benefits. For example, parents who are trying to provide for a disabled child need to be careful not to jeopardize the child's eligibility for public benefits by leaving assets directly in that child's name. In certain circumstances, it may be preferable to limit or eliminate the transfer of assets, so that the child beneficiary is not put in the position of missing out on valuable social services. To find out more, you can check out Estate Planning For Multiple Sclerosis.