ID-100143327
Image courtesy of voraorn at FreeDigitalPhotos.net

Just over a year ago I made a really big decision. I decided to leave my comfortable job of 5 years to advance my career. The new job included a more positive atmosphere, higher pay, retirement options, and plenty of vacation. But it lacked one really important thing: health insurance. This was a little scary, as I had never been without health insurance before. I am not even 30 years old yet, and health care is not cheap. I could not afford the low-deductible co-pay plan that I was used to. So I took a chance. I opted for an affordable high-deductible plan. After much thought, I decided this was best for me because I have no medical conditions that would result in me frequenting a doctor or hospital, and I am rarely sick. But accidents happen and people get sick. So I need to make sure that I am financially prepared for anything. If you are a Millennial in the same boat as me, you need to have a back-up plan.

What are your options?

1. Health Savings Account

With a Health Savings Account, you can have a portion of your paycheck directly deposited into the account. You get to dictate how much gets deposited, which makes financial planning much easier. This is a great option for those who have a high-deductible insurance policy because you can save money tax-free against medical expenses.

ID-10034034
Image courtesy of photostock at FreeDigitalPhotos.net

2. Supplemental Insurance

Aflac provides individual and group voluntary insurance products that give you the opportunity to focus on recovery, not financial stress. The company’s voluntary insurance policies, which are designed to supplement major medical plans, pay policyholders directly for unexpected costs associated with a covered serious illness, injury or loss. In addition, the cash benefits can be used to help pay rent, gas, groceries, child care or any other out-of-pocket expenses a worker may have. Aflac offers accident, dental, life, vision, cancer, hospital intensive care and more voluntary insurance policies.

3. Coverage Under Parent’s Insurance

If you are under 26 years old, you may qualify to be covered under your parent’s insurance. Even if you are married, have a job, or are not living with your parents, this is an option that you may want to look into.

4. Online Resources

Sites like BetterHelp allow cost effective alternatives to traditional therapy.

Don’t take risks when it comes to your health. For more information, check out “One Emergency Away From Financial Disaster.”

18 Comments on Including Health Care in Your Financial Planning

  1. Samantha
    October 13, 2014 at 10:24 am (6 years ago)

    We just included Aflac into our healthcare plan, it has become some what of a necessity

    Reply
  2. Robin (Masshole Mommy)
    October 13, 2014 at 12:33 pm (6 years ago)

    My husband had insurance through work and it just comes off the top.

    Reply
  3. Michelle F.
    October 13, 2014 at 1:06 pm (6 years ago)

    My husband also left his old job for a better one and with that came a not so great health insurance package. It’s good to know Aflac offers some help.

    Reply
  4. kungphoo
    October 13, 2014 at 5:35 pm (6 years ago)

    Very important to know about all these health options. I like how you explained these things that can be very complex in such a simple manner, thanks for the breakdown!

    Reply
  5. Caitlin
    October 13, 2014 at 10:13 pm (6 years ago)

    Wow!! I knew insurance premiums were going up – but I had no idea they were going up this high!! Geez! Bu how empowering that you were able to find the right plan that works for you!

    Reply
  6. Heather
    October 13, 2014 at 10:19 pm (6 years ago)

    These sound like great options. I love the idea of having a health savings account.

    Reply
  7. Patranila
    October 13, 2014 at 11:18 pm (6 years ago)

    Knowing your options regarding healthcare planning is so practical and helpful. Thanks!

    Reply
  8. Mistee Dawn
    October 13, 2014 at 11:55 pm (6 years ago)

    We have Aflac and it has really helped us through some rough times.

    Reply
  9. Rosey
    October 14, 2014 at 5:52 am (6 years ago)

    Financial disaster can be fast if you have medical expenses that are too high to cover (that insurance hasn’t gotten for you). I’ve seen it with someone in my family, and it leaves you just feeling helpless.

    Reply
  10. Rosey
    October 14, 2014 at 5:52 am (6 years ago)

    Financial disaster can be fast if you have medical expenses that are too high to cover (that insurance hasn’t gotten for you). I’ve seen it with someone in my family, and it leaves you just feeling helpless.

    Reply
  11. Kara
    October 14, 2014 at 8:02 am (6 years ago)

    Thanks for the great tips. I love the idea of having a Health Savings Account.

    Reply
  12. Danielle
    October 14, 2014 at 10:17 am (6 years ago)

    I will be looking for insurance very soon. My insurance company recently told me that they were dong away with my plan at the end of the year. Thank you for sharing this.

    Reply
  13. Debra
    October 14, 2014 at 10:50 am (6 years ago)

    Medical bills almost ruined us a few years ago. These are great tips!

    Reply
  14. Debra
    October 14, 2014 at 10:50 am (6 years ago)

    Medical bills almost ruined us a few years ago. These are great tips!

    Reply
  15. Liz Mays
    October 14, 2014 at 11:52 am (6 years ago)

    They have a greater variety of insurance options than I realized. I so appreciate knowing this.

    Reply
  16. katrina g
    October 14, 2014 at 5:31 pm (6 years ago)

    I tried getting aflac a few years ago but did’t qualify due to my health.

    Reply
  17. Debi
    October 20, 2014 at 12:05 am (6 years ago)

    You made a tough topic understandable. I’ll have to look into it.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Comment *






This site uses Akismet to reduce spam. Learn how your comment data is processed.