Today, to give you more information about health insurance, I’d like to explain this: how does health insurance, or what does insurance in general have to do with my overall financial planning?
Here are a couple of key highlights on this subject. First, I would say, today, meaning in the year 2023, because of the Affordable Care Act, no one should lack health insurance. I mean that almost as strongly as I can say.
Points to Consider Regarding Your Insurance Coverage
- We have a system that is a guaranteed issue, so one’s pre-existing conditions are covered. We have a government that is spending a lot of money to support and make that happen, and one should not be without health insurance. Just securing your financial planning by virtue of being enrolled in a health insurance plan would be at the core of responsibilities I think one should do.
- In addition to that, then you would have discussions about an HSA. “Should I use a health savings account?” That is a special kind of IRA that you would save for future medical expenses. It’s an excellent tool that you would want to dedicate some dollars to.
- You’d want to have a discussion over dental insurance, vision insurance, and critically, life insurance and/or long-term care insurance. Some people put that in the category of disability insurance.
Choosing More Than Just Life Insurance
Your insurance should be related to much more than just death. I’m saying it all should be a discussion with an agent of how to prioritize and how to manage these things for your financial future.
Nobody who has a heart attack expects to have a heart attack. Nobody expects to have cancer. Nobody expects to have a terrible automobile accident or fall down steps. These are unexpected life events that have a direct impact on your financial future.
Health insurance would be at the core, then life insurance, disability, health, safety, all those topics plus dental or vision—they all need to be discussed in coordinating those coverages for your best protection.
I would encourage you to have an appointment with an agent and talk about those things. To open a conversation with us on this topic, call us at (314) 544-5400.
