What is the most important thing in your life? Depending on your age, position in the industry and your family life, everyone will have varying answers. Early in a career, it might be friends and your career. But in the thirty-something to forties, your values might change, and it might be your family. Then in your fifties and sixties, you might start to be thinking more about your legacy and how you can pass everything important that you’ve learned about anything on to the next generation coming up.
Our priorities change throughout our life, and they are shaped by life events and milestones — getting married, starting a family and progressing into middle and old age. Something that most people think about only when we need it is health insurance. It’s not the most sexy or interesting topic to ponder — it’s usually tucked in there past that wall of denial — but it’s obviously very important and needs to be considered throughout one’s life.
Higher Premiums or More Beer Money?
Early in most of our working careers, we have a mindset that nothing can slow us down. Sleep? That is for the weak. A minor injury? Nothing that a couple of beers and a Teenage Mutant Ninja Turtle Band-Aid won’t fix. The last thing a young professional thinks about is spending money on insurance. If there is an option, the lowest premium or cheapest plan starts looking pretty good.
That, of course, allows for a fatter paycheck. But when a medical emergency or other unforeseen circumstance arises, the extra paycheck money — plus a lot of savings — will begin to disappear. The low premiums are nice, even if a trip to the ER for a couple of stiches can be a bit costly. A co-pay may cover some of it, but not always.
The real sticker shock comes when the “Explanation of Benefits,” or, as I like to call it, “The Pre-Sticker Shock Bill” comes in the mail from the insurance company and informs you that this and that wasn’t covered under your plan, or that you are expected to pay more for some reason.
Changing Values and Starting a Family
As we get on in age, we start to put down the beer and begin picking up a different sort of bottle. It’s the way of the world — we get a little less wild, a bit more mature, and look forward to finding a spouse, settling down and start a family — to begin the nesting stage of our lives. With these types of changes, reviewing one’s health insurance is an absolute must.
Priorities need to change from just enough coverage to scrape by with a few stitches for yourself to providing the coverage that a family will need – going beyond the husband and wife plan and setting the groundwork for one or more full-time dependents. Getting away with the minimum coverage will work for a husband and wife. Adding that first child will be unthinkable with minimum coverage — and even if you’re fully prepared to bring a baby into the world, there’s always the chance you’ll have twins.
Even without factoring in medical expenses, the cost of bringing a child into the world can be financially stressful. Compounding that with less-than-adequate health insurance coverage, you’ll begin to cry. I have heard a horror story where a couple had the lowest healthcare plan. It cost them something like $15 dollars a month. They had their first child and the medical expense began to come in. They were not fully covered. Because the insurance company didn’t pay 100 percent, they had to meet a deductible charge. The amount? $33,000. Yes, more than 30 thousand dollars.
Open Enrollment begins NOW
Did I scare you? Halloween is coming up, but I hope not, that was not my intention. Instead, I want you to look at your priorities and your future. Maybe you have a few more “carefree” years of ahead of you. I had too many! Maybe you want to begin starting that family. October is typically the time that all of the insurance companies begin to offer Open Enrollment. That means that you can change your plan to suit your needs. To begin the process, all you have to do is call to your Human Resources Representative, or ask your insurance provider for more information.
Taking care of your health and well being is the most important thing in your life. Of course, your family and other things are high up there as well. But think about this. If your health declines and your have trouble working or paying medical bills, can you support your family? Preventative measures and healthy living are always good words of advice. Even then, however, illnesses and accidents happen. Are you willing to take your chances with less-than-stellar health insurance? Something to think about.
