Health insurance is something that you may not consider to be an important aspect of your life. After all, the government has a Medicare program in place that will cover you for any of your needs. That may be the case, if you are under the income levels set by the government.
As a refresher for you the limits are currently set as follows.
- $90,000 per year if you are single
- $180,000 per year if you are not single
- $1,500 per child after the first one.
If you are above these income levels, you will need to get a health care policy to prevent yourself from having to pay up to 1.5% of your income as a levy at the end of the year. This can be a huge chunk of your change if you work hard and bring home a good income.
For those of you that are under these income levels you can rely on the governmental health system to cover all your woes. It may seem like the way to go since you already must pay a 2% tax every year for it. You need to think again, though. Medicare has limitations and restrictions that could leave you with medical bills large enough to push you into financial ruin.
To understand why it is imperative that health insurance is a part of your financial plan we must first define what it is. Once again, according to the government website, health insurance is a private coverage policy that covers issues that Medicare does not. It will also allow you to be treated as a private patient in a public hospital, or in a private location, with the health care provider of your choice.
A financial plan is a document that details your current financial status, your plans for the future, and the paths that you will take to achieve your end goal of solid financial security. This cannot be done without a good health insurance plan. Go to an online site and compare health insurance policies to see what is out there, and how they can help you stay covered.
You may be shaking your head by now and mentally arguing with me. Health issues happen to us all. No matter how healthy you live. No matter how much exercise you get. No matter who you are. Medical issues will come up and leave you with outstanding bills. Bills big enough to leave you in financial position that pushes you backwards away from the goal of your plan.
Anything that has any monetary implications should be added into your financial plan. Budget in an average cost that health issues may cost you per year. Add in the amount of the premiums that the insurance carrier is going to charge you.
Allow for some variances in the amounts because some years you may not have to visit a medical provider for more than basic upkeep. Other years you may find yourself an occupant of a hospital room due to an emergency surgery procedure. Do not forget, either, that Medicare will not cover some ambulance services if you need them. They also do not cover dental or optical needs.
Every bill adds up. Every bill that you can avoid will help you reach your financial goals that have been set out in your plan. A good health policy will keep your medical bills at bay, allowing you to continue moving towards your goal, or keeping you above the point of no return where you are financially stable.
It only takes a split second for your life to crash due to medical issues. Stay covered and avoid the setbacks that they can cause. Keep yourself from having to pay a penalty levy at the end of the year. Get a health policy and continue moving ahead in life, being secure with the knowledge that you will be covered if anything should happen to you or your loved ones.