February 2022

If there is anything the current pandemic has taught us, apart from the importance of emergency funds, it is the need for health coverage. The rising cost of medical expenses was a big blow, especially for those who did not have insurance cover.

Like food and shelter, health insurance plans should be considered more of a basic need. Here are 6 reasons why:

1.   Access to Better Healthcare Services

One of the most vital advantages of getting medical coverage is the ability to access better healthcare services.

When you fall sick or experience a medical emergency and do not have enough finances to seek premium healthcare services, you might be forced to settle for just any healthcare facility. However, when you have health insurance, you can find treatment in well-equipped hospitals – even when you have financial constraints. Hence, you focus your energy on recovery and not on how much your treatment will cost.

2.   Minimizes the Risk of Bankruptcy

According to CNBC, two-thirds of Americans who file for bankruptcy state those hefty medical expenses are the key contributors to their financial instability.

Hospital admission expenses can escalate fast. For some medical conditions, settling the amount out-of-pocket is financially draining. In case the bill is overwhelming and gets out of hand, some people may opt to file for bankruptcy.

In such a case, having medical insurance cushions you from the need to file for bankruptcy.

Many insurance covers require patients to settle their deductible amount. Others need patients to cover an extra amount after paying their deductible, which is usually a certain percentage of their medical expenses. However, as much as you may settle some of your medical expenses in cash, insurance places a cap on how much money you can pay out-of-pocket annually. If you reach this limit, your medical insurance will cover all other medical costs without limitation, saving you from financial strain.

3.   Encourages You to Take Care of Your Health

Some people are quick to dismiss health coverage as a medical safety net for the elderly and those that are chronically ill. This, though, couldn’t be further from the truth!

The young and healthy can access preventive medical services through health insurance plans. For instance, they can go for cholesterol, HIV, STD, type2 diabetes, and TB screening without paying out-of-pocket. In addition, women can access contraceptives and pap smears, while pregnant mothers can get supplements through health insurance.

Additionally, children and adults can access various types of vaccines, including but not limited to tetanus, chickenpox, and HPV.

Being able to enjoy such preventive services for free is not only great for your pocket but also encourages you to take a proactive approach towards maintaining proper health.

4.   To Manage Lifestyle Diseases

Previously, lifestyle diseases were prevalent among the older generations. However, over the past few decades, there has been a significant increase in the number of young adults suffering from lifestyle diseases.

Obesity, heart disease, type 2 diabetes, stroke, and hypertension are some of the lifestyle diseases that you may need to deal with, unfortunately! However, in such an unprecedented situation, your health coverage can make it possible to seek medical assistance without over-stretching your pockets. Plus, it presents you with an opportunity to see various in-network specialists who can advise you on the best ways to manage or treat the condition.

Besides, if you are still enjoying good health, going in for free routine check-ups (thanks to insurance covers) can help catch some of these lifestyle diseases while they are still in their initial stages and when treatment is most effective.

5.   To Protect Your Family

 

Besides catering to your medical expenses, health insurance also takes care of our families.

As parents, purchasing individual health insurance for each member of your family can be expensive. Instead, you can take single insurance that offers full coverage. You can include your spouse and children. You may also consider including your parents who are prone to sickness, accidents, and lifestyle diseases – especially if they do not have a suitable health plan. That way, you can rest easy knowing that your loved ones are protected, and they will be in a position to access proper healthcare without much stress.

6.   Safeguard Your Savings

Medical emergencies are unprecedented and can set you back financially. Besides, medical expenses have significantly risen over the past few years, further putting a strain on people’s finances.

So, in the case of medical emergencies, people without health insurance might be forced to tap into their savings. Not only do they have to worry about their health condition, but they will also have concerns about slowing down their undergoing project or jeopardizing their future.

However, by taking out an insurance cover, unexpected illnesses and medical conditions will not cripple your savings or postpone your near-future aspirations to purchase your dream car or home.

Bottom Line 

From the factors listed above, it is evident that getting health insurance is a necessity. Moreover, it safeguards our finances from expensive treatments, most of which we do not have any control over.

Besides, it is crucial to note that many health insurance covers do not only cater to in-patient and out-patient but also additional services like ambulance charges, surgery, consultation fees, medicine, and many more.

For those who worry about the pricing of insurance policies, there are government medical policies like Medicare that are affordable and guarantee peace of mind as you seek treatment. However, you can always supplement it with private health insurance for a couple of reasons.

Private health insurance offers more coverage and allows you to seek treatment in private and public hospitals, with the luxury of requesting the doctor of your choice. You also gain access to medical services that are not covered by public insurance, which include dental, physiotherapy services, and many more. Yes, you may be required to part with more money every month, but that is nothing compared to the expense you are likely to suffer in case of an unexpected illness or medical emergency such as an accident.

Protect yourself and your family today by taking out health insurance.

It’s never too early to plan for your retirement — and it’s not too late to change course if you’re already behind カヴァン・ チョクシ. Here are five steps that can help:

Start saving now

If you wait until your mid-30s to start your retirement savings, you’ll have to set aside about twice as much each month to reach your goal. The earlier you start stashing away money for later life, the less of a strain it will be on your budget in the early years.

Once you’ve started saving, make it automatic.

You could find yourself in a bind if you haven’t saved as much as you’d like and then lose your job. Automate your savings so that money is regularly deducted from your paycheck and invested now before the loss of your income makes it impossible to do so later.

Be smart about Social Security.

You should begin taking Social Security benefits as soon as you’re eligible at 62, if not sooner. The payments will replace a greater portion of your pre-retirement income at that age than they would if you waited until your full retirement age — 66 or 67. But know that the longer you wait to claim, the higher those monthly checks will be.

Your spouse’s plan is your plan, too.

If your job doesn’t offer a retirement savings plan, but your spouse does, consider enrolling in his or her plan rather than opening an IRA. With the right strategy, you both could save on taxes and boost your Social Security benefits. And with two-thirds of couples having two working spouses, this approach could help more people find the funds they need to fund retirement and caregiving for older family members.

Plan on long-term care expenses

Consider buying long-term insurance that will pay out enough money to cover the cost of a nursing home or senior living facility stay if you become too sick or frail to take care of yourself.

Almost everyone will need long-term care at some point in their lives, either for themselves or a loved one, but few people purchase coverage. This is because long-term care insurance premiums are based on the odds that you’ll become ill, with older policyholders paying more than younger ones so that it can be prohibitively costly for some.

But make no mistake: The costs of long-term care are huge. For example, a year of nursing home care averages about $80,000, while a home health aide costs about $46,000 per year. Moreover, they are just two of the many options available for long-term care options.

Medicare covers little in the way of long-term care, so individuals who need more than 100 days of help will have to bear most of these out-of-pocket expenses if they don’t have insurance coverage.

Typically, long-term care isn’t something we like to think about, and it rarely comes up in conversations with your family and friends. However, it is a real possibility that needs to be planned for as much as possible.

The good news is that you’re now thinking about the potential need for long-term care, and that’s the first step in making sure you’re prepared for this potentially crippling expense.

The average nursing home stay is 29 months. That would put a $10,000 investment to work $2,777/month over that period – or about $34,500. So if you were to invest $3,400/month over the next 29 months, you could have a total of $149,400.

The dollar is stronger than ever, according to people in the know like Kavan Choksi UAE. It has been on the rise for the past few years. The dollar has gained strength from the weak euro and the strong U.S. economy.

The History of the Dollar

The dollar is one of the most important currencies in the world. It is especially strong in Asia and Africa, where many countries need a strong currency to help stabilize their economy. The dollar’s rise has been good for the U.S. because Americans can buy more from other countries when it is worth more. This allows American companies to hire more people and pay their workforce higher wages.

However, this is not the first time the dollar has been incredibly strong. For example, the dollar hit an all-time high of $0.85 per one British pound in September 1985. At that time, it was worth about $2.

The Reasons for the Dollar’s Strength

There are several reasons for the dollar’s strength today. One of them is that central banks worldwide have been pouring money into dollars over the past few years. That increased demand makes prices go up, so it has affected the dollar’s value.

Another reason why the dollar is strong is that America’s economy has been doing very well. In fact, it is arguably the best economy in the world at the moment. Unemployment recently fell to its lowest level since 1969 – 3.7%. The U.S. government also reported a budget surplus for the first time in a decade this April after President Donald Trump signed a tax cut bill past year.

This surplus is good for the dollar because it shows Americans that their country has enough money to spend.

The Effects of the Dollar’s Strength

The dollar’s strength is good for Americans who travel abroad because goods and services will be cheaper. Businesses in other countries will also earn more money from American customers, which could improve their economies.

However, there are downsides to the dollar’s strength as well. When prices go up, regular people have less buying power. This can make them buy less, which hurts the companies they work for.

The rise of the dollar has impacted other currencies around the world. For example, one euro is currently worth $1.13 in American money. That is down from $1.20 earlier this year. This might be good news for people who live in Europe, though, because it could help the struggling euro recover.

The Dollar’s Strength Today and Tomorrow

The value of the dollar is not likely to change much anytime soon. Forecasting website Trading Economics predicts that the dollar will be worth $1.15 per one euro by next week, which is close to its recent price.

Many factors will determine what the dollar is worth, but it looks like it will remain strong for now.

Conclusion

The dollar is stronger than ever and is likely to stay that way for the foreseeable future. This has both positive and negative effects on the U.S. economy.