"I just want to focus on the health insurance."
We hear this every day.
Many of us spend a good amount of our time worrying about bills. Rent or mortgage, car payments, groceries, utilities, and so much more. Some of us live paycheck to paycheck, with very little disposable income. And so we fear more bills - like medical bills. We fear that unexpected event that might lead to owing the hospital more than we can afford to pay. Or we might already have a chronic illness (such as diabetes) causing a strain on our budgets.
And so we search for affordable health insurance.
And we expect that health insurance to pay those bills.
But does health insurance pay the bills?
Health insurance was not designed to pay the bills. It was designed to cap the cost of health care. All health insurance has deductibles, co-pays, and coinsurance. All health insurance plans (under law) have an annual maximum out-of-pocket. In most cases, the annual maximum out-of-pocket is over $4,000 for a single person and over $8,000 for a family. So if you or one of your family members has an accident or needs significant health care, you could owe thousands of dollars.
So when you become ill, or have an accident, how do you pay these medical bills?
And how do you pay the other bills such as groceries, rent/mortgage, car payments, etc.?
Disability Insurance is the most important coverage.
As well as accident plans and critical illness plans.
These plan pay you. Not the hospital.
They pay cash benefits to you.
Furthermore, disability insurance is affordable.
Example: health insurance for a family of four can cost over $1,500 monthly.
A disability plan that pays $3,000 monthly until you are age 65 - as low as $65 monthly.
I have written here before, and I will write here again and again. Your most important asset is your income. Disability insurance insures your income, your paycheck. Insuring your family's welfare. If you combine a disability plan with an accident plan (that pays up to $5,000 per accident) and a critical illness plan (that also pays $5,000) - you have real protection. Benefits that will protect you, your family, your income, and help you pay the bills.
Please, stop and consider these important plans.
The premiums could be as little as only $2 per day.
Less than a cup of Starbucks.