Starter Guide to Financial Planning
Here Is Why You Should Not Solely Rely On Your Company Medical Insurance
You can have tons of reason why you love your job. And quite certain, the insurance coverage will be one of the reasons why.
You can head to General Practitioners (GP) when you have flu. You can go to a dentist when you have bad toothache. Or even get treatment in a hospital. All these are something you can be thankful for but never be truly dependent on. Here are the reasons why
It only applies when you are an employee
Your company’s insurance coverage or also known as Group Insurance is only applicable when you are in that group.
Thus when you are out of the group, you will no longer be covered under that group insurance.
But sometimes, not all employees will get insurance coverage. You have to complete your probation period and become a permanent staff in order to get the coverage. Part-timers do not get the full coverage or sometimes even get no coverage at all.
This is just an example of one of several employee benefits from companies to retain their employees.
Think of “What If”
Imagine this. What if you are single and have a good job. Your company might be offering exclusive medical overage that will pay your hospital bills in a private hospital. You enjoy the benefits and life is good.
Then, down the line, you were diagnosed with diabetes. But fortunately, you are still able to work. 2 years later, the unthinkable happens. You got retrenched. Income stops and you do not have any more medical coverage.
You are now left jobless, uninsured and already diagnosed with diabetes. Due to diabetes, you suffered a stroke. You are hospitalized for a month and had to go for regular kidney dialysis after discharged.
Bills mounting and you were running low on cash. Eventually, you are in debt and not able to work no longer.
Imagine if you are married with children. You do not only have yourself to feed but your family as well. Do not forget the mortgage.
“Only healthy individuals are accepted”
It is totally fine to be loyal and loving towards your company. But it will be a mistake if you think that you do not need to get your own insurance coverage just because your company provides you with solid insurance coverage.
And do not think that you are wasting money by getting your own health insurance coverage. You might be thinking that you have dual coverage.
Yes, you do have two of the same coverage but this is all just preparation for the future. You do not expect to work forever. You will eventually decide to stop working and retire.
By the time you retire, you will be at old age. And your health is no longer your strongest asset. But at the same time, you are well prepared if you need treatment from the hospital. You already have insurance coverage.
Then you might be thinking. “I can just buy the health insurance when I am no longer employed. Am I right?”
Yes, you are definitely right. But what will your health condition be when you are not working anymore aka retired?
No one knows. If you are healthy, you can get your health insurance coverage. But if you are sick or already have a pre-existing condition, there is a chance you will not be given the health insurance coverage.
You can take your chances and say that you will lead to a healthy lifestyle. But then, go to the “what if” again.
What if you did end up sick? And you have to use up all your money kept for retirement for your medical expenses. If you recover, you still need the money for your daily expenses and monthly bills. At the same time, you were instructed to not engage in any physical activities or work. You will be thinking about where will you get the money to survive.
Take Advantage Of Your Health Now
It makes every sense to work hard. But it is equally important to take care of your health as well.
No one wishes to get sick. But when that illness or even accident struck you, you will be looking all over for the path to recovery.
You maybe can find another job but you cannot replace your health. Make sure you have sufficient health coverage during your career and even during retirement.
Hope that this article was useful. Do share it with your family and friends. Till next time.
Disclaimer:
I am a financial adviser but I am not your financial adviser. Therefore, what is posted on this website, are my opinions and NOT to be taken as financial advice. Information provided might be relevant at this period of time but may be irrelevant due to alterations to rules, regulations or policies. The information provided is true to the best of my knowledge, but there maybe omissions, errors or mistakes.
