Insurance Planning For Mom

May 8, 2014 2:18 PM
Insurance Planning For Mom
" BOSTON (CBS) – Is mom adequately insured? Does she have too much insurance? Find the policies. Next, review them and be sure you have the latest policy and that the premiums are paid. It would not surprise me if you found that mom has saved expired policies.

Homeowners: If mom owns her home make sure she has a homeowner’s policy. No one requires you to have insurance coverage if you no longer have a mortgage. If she is renting, be sure she has a renter’s policy. When you and mom did her net worth statement is there anything of value that may need special coverage such as a stamp collection, jewelry or antiques? Auto Insurance: There is a discount for drivers over 65 and another for low mileage. One of the hardest things you will ever need to discuss with mom is whether she should be still driving. Health Insurance: Medicare does not cover everything. She should have a Medigap policy, which covers things Medicare does not. There are eight Medigap providers in Massachusetts "

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