It is easy to get driven by plethora of financial advertisements and articles about various products offered by many financial companies and banks. Every individual should have his own financial needs mapped out and then schedule the financial savings/investments in that order.
If your employer does not offer health insurance or you are self-employed, your only option may be to purchase your own medical coverage. Buying individual health insurance does not just have to cover you. If you want, it can also cover your spouse and children. Childhood injuries and illnesses can be very expensive without some type of medical insurance.
Government aided seguro de gastos medicos is the cheapest option that is available in the market. However, there are too many restrictions attached to these plans and not all Americans qualify for it. Hence, for the larger population a managed health care plan is a good alternative when looking for inexpensive plans.
The point is that it’s impossible to predict every conceivable medical situation. But before you choose a plan, you should understand the sections most important to your current needs. Do you take a specific prescription medication each month? If so, check the plan’s drug formulary to see what your drug’s co-pay will be. Plans may charge differently for the same medication. Do you see a psychiatrist regularly? Check the plan’s mental health section. Some plans don’t cover mental health visits until after you’ve paid your deductible.
It’s up to us to remind our senators that an overwhelming majority of Americans-83%-supports a public health medical insurance plans option,3 and that weak half-measures like the “co-op” plan are no substitute for real reform.
Start with listing your assets. These are things of value that you own. Include your savings, checking and other bank accounts, your stocks, bonds, mutual funds, retirement accounts and the cash value of any insurance policies. You can also include the fair market value of your home and other real personal property, such as automobiles and boats. But keep in mind that when you have to sell property quickly, you often have to give a little on the value.
Even those with medical insurance plans can benefit from these tips. By lowering co-pays, you also substantially reduce your overall health care costs. And just remember, you worked hard for your money. Wouldn’t you rather live life for you, rather than to pay for your medical expenses?