Like all insurance, health insurance is a financial product that protects you from costly medical bills if your health takes a turn for the worse or you suffer an accident. In the United States and other countries where medical care is not handled by the state, health insurance is incredibly important. Without it you are only an accident away from potential financial ruin as medical assistance is costly. In the UK, health insurance, otherwise known as “private medical insurance” is less important as the National Health Service is free to all – the costs are paid by everyone in the form of ‘National Insurance’ deductions from wages. However, despite universal healthcare in the UK, there is still a market for private medical insurance:
- For those who want to be treated quicker than the NHS waiting list will allow for non-urgent procedures
- To have greater choice on when and who does the operation
- For those who want more luxury and comfort in a private hospital
If you’re reading this, its likely you have decided to get your financial house in order and considering what insurance you need to make sure your financial plans are derailed.
If you are in the US it is imperative that you prioritise life insurance despite the cost, because getting sick can quickly eat into even the most substantial of savings, or worse lead you down a path of huge amounts of debt. One way to keep costs down is to have a high excess –the amount you need to pay should you need medical care. By agreeing to a large excess (or example $5000) this significantly lowers the cost of the policy, yet still gives you cover to rely on should your medical bills grow in the event of a medical emergency.
If you’re in the UK, private medical care does have its benefits but for most healthy 20 and 30 some-things, it’s unnecessary and your focus might be better placed on other things, like saving for a house or investing for your future. That said, it does more sense to self-insure by regularly putting money away into a savings account. Having savings always gives you options, so if you ever wish to pay for a speedy consultation or simple procedure, you can get things moving rather than relying on the NHS and its something long waiting lists.
It never hurts to prepare for a rainy day and if the time ever comes when you need extra pennies, they really will feel magical! Make sure you are always saving something!
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Whether you’re shopping for home insurance or boiler cover, you’ll want to make sure you get the best deal possible. But it isn’t going to be handed to you on a plate. Haggling will be your best tool when it comes to getting an agreeable quote, whether you’re renewing with your current provider or looking elsewhere. If you’re looking to get a decent discount, you’ll need to learn the gift of the gab quickly – here’s what you need to do.
For most people, credit cards can be a handy way to pay for certain things over a longer period of time. This might mean taking care of larger bills, splashing out on a luxury item every now and again,or treating the family to a day out. But what many people don’t take advantage of is the fact credit cards can be a means to help you better manage your money.
Last week I had the pleasure of speaking with business coach Betty Jean Bell of Love Your Worklife
It’s human nature to compare yourself to others. But does this help or hinder your efforts to prosper in the future?
One of the most famous ‘tricks’ that someone played on themselves is in Homer’s Odyssey, an ancient Greek story of Odysseus and his journey across the known world.
Over the past few years investors have seen the prices of many assets take a nosedive. The stock market had its biggest plunge since the Great Depression of the late 1920’s. The Dow Jones Industrial Average was cut in half as investors dropped stocks and ran in search of safer assets. Stocks were not the only asset classes in for pain. Real estate prices took a nose dive also as prices in most markets were down 30%. Some areas even experienced price drops as great as 50%. Which asset would make the better investment going forward?
The sooner you improve your money habits and start saving and investing, the more time you’ll have for your money to grow.