Health Insurance and Your Financial Goals
You already know it’s wise to keep an emergency fund. You can also avoid credit, create common savings goals and make smart investments. What can go wrong?
The critical strategy missing in the current plan is health insurance. It’s not as exciting as ideas of income growth and exciting new ventures. However, insurance is essential to proper planning and is dangerous to leave out. If you have insurance but don’t choose the best plan, it’s costing you more than you should and getting less protection than you would like. How does this occur?
Contact Ottawa life Insurance on (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca to see how we can benefit you.
When considering the possibility of the health benefits of insurance, keep an eye out for these hazards:
Do not settle for the first option you find from any major company that you know. It is better to investigate further to evaluate alternatives and is much easier than you imagine. Please take a look at the plans of those who focus on benefits specifically designed for small companies; they’re generally much more valuable.
Put your money into an emergency account (or even a credit line or a lottery win). If you’ve stuck to your strategy to have an emergency fund, do you want to use it for health charges? What happens if you spend a lot of money on a personal or company expense only to wind up with an even more expensive medical bill? You may need money to pay for recurring costs after a health problem takes you out of the game.
It’s true that even if yours is the most efficient of savers, having an emergency fund might not be sufficient to pay for rehabilitation physiotherapy, expensive prescription medications, or even major dental procedures. If it’s not the case, you probably are looking for more appealing options for your savings. Why should you pay for bills that you don’t need to? Furthermore, if you cannot pay for an unexpected medical expense, you’ll lose your “avoiding debt” strategy. The ripple effect could cause some damage to your overall financial plan.
The health issue is that it can be challenging to maintain reasonably. Of course, there’s never an issue when you’re healthy. We wish it to everyone. But there’s an issue when we take our well-being for granted. Accidents can happen, and serious diseases can strike unexpectedly. A wise investment strategy involves making investments in insurance. The plan covers medical expenses today and in the future without compromising the remainder of your objectives.
“Planning to Save.” Setting goals for saving is wise. But often, the following-up gets pushed to more urgent spending. Many things can interfere with your ideals, from retail therapy to system updates. You can plan a budget for your monthly expenses, which is affordable and tax-deductible when you’re self-employed and have insurance. By paying for a cup of coffee every day, you get peace of mind knowing that your healthcare is taken care of, and insurance plans can make a massive difference over time.
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