People have many differing opinions about medical insurance. I adopted my father’s right after I graduated from college.
He told me it was crucial that I at least have some kind of catastrophic health insurance policy AT ALL TIMES in case something unexpected happened. He always used the same example: “in case you’re crossing the street and get hit by a beer truck.”
He said that if that or something equally catastrophic happened to me, he and my mother would be compelled to spend every dime they had to help me recover. If I had some kind of health insurance policy, it would better prevent them from going broke.
This made perfect sense to me. Any time I was between jobs and/or didn’t have health coverage through my employer, I would buy catastrophic medical insurance for myself through my auto insurance agent. My father never stopped reminding me to do this either. He would even offer to give me money to buy it when I needed it.
There were times when I would only need a policy for a week. I would still have to pay upfront for a policy for at least a month. When I cancelled it early, I would receive a refund check from the company a few weeks later for the time I didn’t use. I didn’t mind doing this. Beer trucks were everywhere and I didn’t want my parents to end up broke because they loved me and wanted me to be well.
I also encouraged other people to buy catastrophic health insurance for the same reason. One time it really paid off and resulted in receiving a “thank you” call from a young woman I knew through a freelance job. At the time, she was 21 or 22 years old, still in college, and getting married to her childhood sweetheart. She couldn’t keep her insurance through her parents once she was married. Her husband’s job wasn’t going to cover her. Since she was young and seemingly healthy, she didn’t want to spend money on insurance. I encouraged her to get a cheap catastrophic policy with a high deductible anyway just in case something happened.
Several months later, she was having some unexplained and serious health issues. Medical professionals discovered a tumor in her ovaries. Coverage of the ensuing health expenses saved her family several thousands of dollars. A few years later, she was also able to start having children.
Most people tend to think that these types of unforeseen expenses only happen to others. And, yet, they can happen even to people who are in fine health and have taken the proper steps to prepare for the worst. The fact of the matter is that 43% of Americans can’t afford a surprise expense; medical insurance is one way of mitigating potentially catastrophic costs, while incorporating the expense into an expected budget. For a harrowing account of what happened to one of alt media’s foremost experts on prepping and economic frugality, read this story. It truly can happen to anyone.
Much has changed in regard to medical insurance and everything else over the last 25+ years. There seem to be more options for coverage than ever, but of course it depends upon where in the world you live. Do your research. Insurance companies often pay licensed experts to explain policies to everyone who wants coverage for themselves and their loved ones. They can do this online or over the phone. What hasn’t changed in 25+ years – beer trucks are still everywhere … and so are myriad other risks that can seemingly come out of nowhere.
Sure, medical insurance is more expensive than it was in the 1990s. However, it can still come in handy as a solid addition to your financial preparedness plan. It might even be worthwhile to check into free market alternatives to mandated health insurance if you find the costs insurmountable or the options too restrictive for your particular situation.