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Many Factors To Consider
Health insurance for a single adult man is going to be around $200 a month, or $2,400 a year. In ten years, that’s $24k. The thing is, if you’re healthy, you can probably afford to forego traditional insurance and just put $200 a month in an emergency fund. While this isn’t the safest idea—especially if you get backhanded by cancer requiring more costly treatments—it’s viable for a single person.
When you get a family, or you become elderly, things change substantially. Furthermore, there is no guarantee for the future, even in regards to those of substantial means. Sick people die of cancer too, despite having the best healthcare imaginable. So there comes a time when your wisest move is to get health insurance, even when there are other options on the table.
In the following article, we’ll explore several distinct scenarios in life that recommend attaining valid healthcare. Different stages in life have different qualities defining them, so keep in mind everyone has a different personal circumstance. But in general, these things strongly recommend a shift to healthcare.
When You Can Properly Afford It
If you can’t afford health insurance, you shouldn’t be paying for it. There are programs you can acquire that will cover your health. There are indigent discounts, family packages, and federal programs for which you may qualify. Definitely, prior to acquiring healthcare, make sure you can afford it.
Certain health conditions may not be covered by traditional insurance but will have available government options. So if you’re in that nebulous area where you’re perfectly healthy, but your budget won’t allow health coverage, instead of paying $200 to $1,000 a month (depending on if you have a family), first see if you qualify for such programs.
When You Get Married Or Have Children
One of the most interesting statistical features of marriage is an increase in the income of both parties yoked together. This generally indicates a greater ability to secure options such as health insurance. So there are two periods of marriage recommending the acquisition of such coverage.
One, right after you get married, provided you and your new bride (or husband) can afford it, you’ll want to consider enrolling in health insurance. Secondly, when you get pregnant or have children, you want to have some sort of health insurance coverage. Go over personal finances and explore available secondary programs first to find your best option.
If You Change Occupations To A New Job Without Benefits
Many occupations offer sound health insurance packages. You might get dental care, you might get visual care or you might get general health insurance covered by the company for whom you work. However, you might also get an opportunity for a better job, only to find once you’ve made the switch that they have no health benefits package.
In that scenario, it’s time to secure health insurance. Perhaps you look at “fringe” options like Medi-Share, or go with something a little bit more mainstream. Again, weigh the pros and cons of what’s available in your market. Sometimes you’re better served with HMO solutions, sometimes you’d do better with a PPO solution.
Different budgets, locations, and family situations will recommend different kinds of health insurance. Determine how much money you’re pulling in a month, determine your recurring expenses, determine what sort of discretionary income you have available, and if there isn’t any money in this discretionary category, see how you might shuffle things around a bit.
You definitely need to be able to save money. If you can’t save money, you’ll be in exceptionally difficult times should your occupation implode, or something similar. If you’re having issues, get advice from a financial planner, friend, or family member who has been where you are.
Health Protection You Can Afford
When you mature as an individual, you realize in all likelihood that the health needs defining daily life change. Whether single or part of a family, there’s a high likelihood you’ll need to secure healthcare coverage. Explore the market, think critically, know your finances, understand the options available to you, and plan in a strategic way.
Marriages, children, budgets, occupations, coverage, healthcare options, and more define this choice; so whatever you do, don’t do it in a fast slipshod way just to get the chore done. Take your time and make the most informed choice you can.
