A Personal finance blog to get rich
In the past year, the COVID pandemic has compelled a majority of the adult population to rethink its stance on the importance of health insurance. Insurance providers have reported a compelling rise in the demand for inclusive and diverse health insurance plans across the country.
Considering this rise, it is recommended to be aware of what goes into a good health insurance plan, and what factors can play in your favor to get lower premiums.
The cost of healthcare has steadily increased over the past decade, leaving many individuals no choice but to forgo coverage altogether. There are numerous reasons for skyrocketing prices, like the rising cost of medical services, a soaring number of chronically ill individuals, and insurance monopolies dictating the market to benefit their pockets.
Average fees have risen to roughly $500 per individual and $1100 per family, causing many to look elsewhere for medical care or simply avoid services.
Raising children comes with a lengthy list of responsibilities, costs, and concerns. However, for many parents, potential health concerns, and the costs that come attached to medical care are often at the top of the list of priorities.
Mainly we focus on building saving for our children’s education. While you may have standard education savings account to prepare for their education, we don’t create a separate plan for their healthcare needs. Protecting the health of your children should be separate from other finances.
For many, this could be a big surprise to hear that the coronavirus was circulating in the fall of 2019.
But I believe so!
Because I had it.
“How to be rich” is the central theme of this blog. Check out previous articles about this theme of how to be rich. You can be rich in four different ways, each one independent of another.
Staying healthy is one important aspect which encompasses all four aspects of being rich.
As I stated earlier, Insurance is defense, whereas investing is offense, in the game of life. Fundamentally, we buy health insurance in the same way as we purchase a car or home insurance. We buy health insurance mainly because it is meant to secure ourselves from financial woes in case we get sick or experience some unexpected accidents in the future.
However, this is a very narrow perspective of getting health insurance; if you would think deeper, by getting this type of insurance, you’re able to properly handle the persistent physical condition and you stay vigorous which only means to say that you’re able to prevent this certain condition from getting worse.
Medicare has finalized changes that will take effect in 2019. These Medicare 2019 changes are improvements meant to offer better services to beneficiaries, while they also reduce administrative burdens on various Medicare plans.
The changes are mostly on Medicare Advantage Plans (Part C) and Medicare Prescription Drug plans (Medicare Part D). It’s estimated that the changes can lead to savings of up to $295 million every year for the program.
Can you save money by quit smoking? We often hear people arguing how cigarettes influence our financial situation in a negative manner. The habit itself has no real benefit to those who practice it, yet people spend thousands of dollars on tobacco product every year.
Cigarette addiction is one of the most difficult to break, and it seems as though monetary aspect is not doing its part in motivating smokers to quit.
Medical emergencies arrive unannounced. With the rising healthcare costs, the hospitalization and treatment expenses can leave a big dent in your savings kitty. Health insurance is your financial cushion against all medical expenses. You simply can’t live without health insurance in this country.
However, buying the right medical insurance plans could be tricky, especially when there’s absence of a full-fledged healthcare marketplace due to the gradual meltdown of Obamacare. But, if you’re insured through your employer or can afford to enter the private health insurance marketplace then there are a number of plans in the market that could leave you baffled with their variants and features.
I will take it for granted that the savvy readers of this blog are motivated money-savers. The folks here are the types who want to take charge of their financial life one cent at a time with a clear goal in mind. So perhaps my message today is just preaching to the choir; Nevertheless, it never ceases to amaze me what excuses people will give for leaving hard-earned money on the table.
Let’s take that health Flexible Spending Account, for example. You know, the one that is offered by your employer, which allows you to put away some of your pre-tax earnings to spend on eligible health-related products and services?
