Health Is Wealth: Everything You Should Know About Health Insurance & Financial Planning

Health Is Wealth: Everything You Should Know About Health Insurance & Financial Planning
05 May 2020

49.4% of American civilian workers have some sort of disability insurance provided by their employer. But for 1 in 3 Americans, that insurance is likely inadequate.

But with proper financial planning, you can ensure that you and your family are financially safe, even if the worst happens. Here’s what you need to know about different health-related insurances and your finances.

Make Sure You Have These Insurances

Americans spend on average $10,348 per person – up 18.9% just in the last five years. Unfortunately, very few people can realistically expect to cover inevitable medical expenses. That’s where insurance comes in.

There are three main insurances you should have in regards to your health. Those are health insurance, disability insurance, and life insurance.

Health insurance is there to cover everything from regular checkups to (hopefully) cancer. But not all health insurance is created equally. And thanks to the recent pandemic, we see the risks of linking health insurance to employment.

There are a lot of ways that your health insurance plan can look good on paper, but fail you when you need it most. Health insurance is an intricate agreement, and you should speak to a professional to make sure you’re properly covered.

Disability insurance is there to make sure you can still provide for your family if you become temporarily – or permanently – disabled. It’s not uncommon to find yourself out of work for 90 days or longer, even for young people. So it’s a good idea to get covered.

Life insurance is there to make sure your family is provided for in case you die. You can get a term or whole life insurance policy, depending on your needs and goals. The two are very different, so it’s worth learning about what makes them unique.

Look Into Getting an HSA

An HSA is a health savings account. If you have good health insurance, you can also set aside money in an HSA. You can make contributions to an HSA to help ease your tax burden, and to cover medical expenses should they arise.

Once you reach retirement age, you can even use an HSA to help cover basic living expenses. A financial advisor can help you put together a good HSA and get the most out of it.

Consider Working With an Advisor

There are a lot of benefits that come with working with a financial advisor. They can help you make sure you’re properly covered through different insurance policies. This way you never have to worry about covering a medical expense.

Plus they can help you save for retirement. Almost 40 million households have no retirement savings at all. A financial advisor can make sure you’re on track.

Good Financial Planning Includes Insurance

With America’s current healthcare system, you can’t be expected to cover your medical bills. That’s why good financial planning makes room for insurance to protect you should the worst happen.

Want to make sure you’re covered? Contact us today to help you get covered.


Daryl Seaton