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Dear Everyone!
I'm getting hammered with calls from people who are being "downsized" and who either can't afford COBRA... or worse... their company either dropped their med plan or went paws-up, meaning HIPAA plans instead (which are also expensive.)
Fortunately, at least half of my calls are from people who CAN get individual coverage, but when I tell them the cost, they say "I can't afford it."
Individual plans are not cheap, but for most people they ARE affordable, with some budget planning.
I'm tired of hearing "I can't afford a health plan."
But they can afford cable TV, a cell-phone, a $3 cup of coffee each day, and to eat out twice a week.
Sorry, I don't buy it. So, I'm only going to have one article this edition... on why you can and MUST afford it.
-Al
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"I can't afford health insurance!"
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I can't tell you how many times I heard that the past three years. But you know what I CAN tell you? I can tell you how many people later on told me that when they got sick they were hounded by phone calls, letters, and eventually collections agents and bankruptcy attorneys. What these people truly couldn't afford was to not have health insurance.
Look. You don't live under a rock. You know damn well that the cost of health care can be astronomical. You also know that accidents happen, critical illness an strike, and they generally don't have the manners to call a week ahead of time to let you know they'll be visiting.
Are you one of the people who says they don't have health insurance because they can't afford it? I understand... it's not like you plan on getting sick or having a car wreck anytime soon, right?
Stop reading this article right now. Get in your car, go to the nearest hospital emergency room, and ask how many people there were planning on getting sick.
Ask how many of them were planning on having an accident that day.
See the guy with the appendix that's about to rupture? He'll be getting a bill for over ten thousand dollars before too long.
Look at the college kid in the corner who fell off of his motorcycle and whose parents don't have health insurance coverage. That broken arm and broken ankle is going to cost at least $5,000? More?
Meet the thirty-five year old guy who didn't realize he had an almost complete arterial blockage until he had a heart attack - forget it. If he survives, he's bankrupt. If he assumes room temperature, his family will be (because you can bet he didn't have life insurance either.
If your budget is truly so tight that you don't think you can afford health insurance, then take a close look at where your money is going. Ask yourself this: What is going to truly ruin your family... an extra expense each month that you can plan and budget for? Or will it be a sudden crush of medical bills?
Yeah, that takes rocket-science to figure out!
I can't emphasize this enough. You should be looking to save money on the cost of your health care, not your health insurance. Sure, you can adjust your deductible and coinsurance levels. You can eliminate a copay from your plan, like we talked about in another article. But you simply cannot afford to go without health insurance - it's a gamble, and it's one that may work for a while, but it'll get you in the a-- in the end. In the great casino of life, it's a bet you are going to lose!
The bottom line is this: No matter your situation, you need health insurance.
If you're self employed or own your own business, the costs of a medical emergency can cripple your financial infrastructure and run your business into the ground. If you have a family, you owe it to your children and your spouse to protect them from financial devastation.
Even if it's just you, modern day hero, a healthy young man or woman going it alone, bankruptcy can ground your dreams and it will take years to claw your way out of the debt a serious illness or accident will cause.
Here it the plain truth. Don't tell me you don't understand it because you do... you just don't want to admit it:
You don't go broke because you have a monthly premium to pay. You don't go broke because you've factored a set, predictable monthly cost into your budget. If you go broke, it's going to be because you got slammed with a hundred thousand dollar ($100,000) medical bill and don't have insurance coverage that will pay for it.
The reason many people think they can't afford insurance is because they think health insurance is an all-or-nothing proposition. Either you get the $750 a month policy that covers absolutely everything at no cost other than premiums... or it's just not worth paying for. This simply isn't the case.
Now, don't get me wrong; if you have room in your budget for the high-end policy and you, with the counsel of your local independent agent (yoo-hoo!) decide that that's the level of coverage you need, then that's what you should buy.
But for the vast majority of people, a plan that robust simply isn't necessary. What's the point of paying for coverage you simply don't need? Think about it this way: what's the point of buying a Hummer with Swarovski crystal rims and velvet airbags when all you want to do is drive to the Safeway market?
The reality is, you probably don't need (nor can afford!) a plan that has a $10 co-pay for all services with a $300 deductible, no out-of-pocket cost, and 100% coverage. The reality is, you can probably get the coverage you need at a lower price than you think! Your local independent agent (hello?) will know what plans offer the proper level of coverage while still bringing an affordable price to the table. The fact is, no matter what your budget, there's a health plan out there that will work for you.
While I don't like doing it, for some younger folks who are in dire financial straights, perhaps we can compromise on drug coverage.
For older folks who have a bit a savings but have lost jobs, a very high-deductible plan makes sense.
Think about your car insurance for a minute. It covers you in the event of an accident, right? Obviously!
Now ask this. Do you have car insurance for that day you have an accident... or do you have car insurance to cover your oil changes, new wiper blades, air in the tires, and the occasional wash? Can you imagine how much more expensive your car insurance would be if it covered those things? Health insurance works the same way! Eliminate the benefits you don't need, put the money you save on premiums away, improve your financial situation, enjoy the peace of mind that comes with comprehensive coverage, and everybody wins.
Save money on the cost of health care, not by eliminating health insurance from your budget. It's a gamble that you, your business, and your loved ones will pay for when - not if - you lose. Your local independent health insurance agent (me, again!) can help you find the plan that will give you the coverage you need at the price you can afford.
I'm aware of how hard these times are for everyone. But in hard times you give up luxuries for necessities.
When I see a guy sitting in Starbucks with his second latte of the morning with an iPhone to his ear, a guy who drinks Beefeaters instead of Trader Joe's house brand, who has cable TV with HBO, and who drives a leased BMW, who tells me that business is slow and he can't afford either life or health insurance to protect himself and his family, I know I'm looking at a guy who sooner rather than later is going to lose his house, his car, his retirement fund, his kid's education account, and his 401k when he wracks up the BMW while talking on the iPhone and suffers two broken legs, a ruptured spleen, and needs six months of physical therapy.
Folks, don't tell me you CAN'T afford health (or life) coverage. I won't believe it.
Tell me you WON'T afford it.
THAT, I'll believe.
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Well, that's a wrap for this issue. I hope you've found some of the info above useful and interesting. If you have questions about life or health coverage, safe-money annuities, or employer group benefits just give me a call or send email.
Sincerely,
Alan N Canton
InsuranceSolutions123 Agency
InsuranceSolutions123.com
916-962-9296
CA License # 0F31110
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Al Canton, Owner
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I'm Al Canton, owner of the Insurance Solutions Agency.
Everyone promises the best service, etc. So I won't bore you with that message.
Bottom line, I know health insurance, disability, Medicare, life, and annuities.
Most importantly, I'm honest. I will not put you in a product just for the money. I've lived in the Northern California area for 35 years and I've built my reputation on integrity and honor.
It's that simple.
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