The next theme is on care, focusing on the key components around tying in your finances and self-care to ensure that you are available for your greatest purpose, those that matter most to you, and the life you want to lead.
Part of self-care is ensuring that you have proper healthcare. So we are going to look at what is essential in your healthcare.
The first question you may have is whether it’s considered essential. When I say essential, technically, you could go without health insurance, unlike food, water, and sleep. But essential focuses not only on the bare minimum necessities but what are your essentials to life. Most would respond with a resounding yes, healthcare is essential–but there are so many varying degrees of coverage, carriers, and resulting costs; how do you know what to go with?
Let me make sure to state that the most important aspect is to be insured! Uninsured or underinsured in your health insurance is the leading cause of bankruptcy, so making sure that you have a policy in place is especially important. Now if you work for an employer that provides healthcare benefits, are part of an exchange, are a state or federal employee, are part of a union, or something of the like, there is probably a pre-prescribed healthcare plan you opt into. However, if you are self-employed or simply don’t have healthcare coverage provided through your employer, you will want to consider what individual policy or network you can join to opt-in for a healthcare provider network.
Typically within the umbrella of healthcare, there are some things to consider, including health, dental, and eye insurance coverage. In addition to this, you may opt in for additional coverages for long-term care, short or long-term disability, or life insurance. Now this all can get confusing quickly, but first, look at what coverages you have provided through an employer for health—looking at your out-of-pocket maximums, copays, and the limitations of your coverage that you can review with the plan administrator. Second, to healthcare, you will most likely have the option to opt-in for dental, so you will want to go through the same process to look at your coverages. Coverage for your eyes will depend upon the health of your eyes, your need for eyeglasses, contacts, or treatment otherwise.
I would start with these three. If you have coverage through an employer or exchange, review that coverage. If not, consider your options to ensure that you are not leaving yourself or your dependents susceptible.
Now, I know that healthcare costs continue to rise, and it seems like the cost is less and less supplemented by employers or being dropped entirely if not mandated. So if you are in a place where these costs are getting out of hand, and you’re either uninsured or underinsured, consider utilizing a co-op to lessen the burden of cost associated to an individual plan.
You probably know someone with medical debt, and an insurance policy will not prevent the health issue from occurring nor shield you from all costs associated with that, but it will give you some protection and peace of mind.
CTA: My call to action is to not ignore this area, don’t continue operating uninsured or underinsured. Once you have evaluated your situation, figure out your options and establish this into your Budget or Plan to Spend.
