Financial Planning Basics: You Don’t Get More Later

Too frequently, people think they can simply “apply later, when we are considering other benchmark dates (retirement, Medicare, whatever).



It completely presumes that you are fully control of everything, you are not. Does anyone remember COVID-19?

  • Your medical records have now changed.

  • SELLERS can change or eliminate options without warning. This happens, we are intentionally identifying plans/policies that are GREATLY in the buyer’s favor. We are never surprised when the SELLER then ELIMINATES the plan or CHANGES the terms (payouts, follow the cash flow, duh).

  • Father Time continues to move forward.

  • You are NOT the one that determines whether or not you would be accepted. Some other party is, they don’t necessarily have to inform you why.

Medicare and ACA removes some, not all, of these problems.

  • No pre-existing clause

  • Enrollment windows which prevent underwriting

  • Life-changing event exceptions

There is a reason that I start with health insurance.

  • People have no idea of the financial downside if costs run amuck.

  • The protections that prevent the underwriting questions are invaluable to those with pre-existing conditions.

  • Not all financial contracts have these protections, which is another way of saying “buy when you can, not when you must.” Buying when you must isn’t an option, the sellers are not stupid.