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What Should You Do About Medical Coverage & Insurance?

Medical Coverage & Insurance

This week’s challenge may be an expense at first but we are in it for the long term and that’s why it’s vital.

This week I want you to check that you have appropriate insurance cover in the event of an emergency. Insurance is a tricky business. Some insurance policies are not worth the paper they are written on which makes working out what to cover for tricky.

This is especially so with some private health insurance funds. It’s worth doing your research because on some policies it will cost you more to be a private patient then to not have insurance at all. That’s without the excess and the ‘gap’ which makes it extra difficult.

Let’s talk about the minimum you should insure:

You need insurance on your car in case you have an accident.

You need insurance on your house. I can’t tell you how many times I have seen houses burn to the ground and the owner doesn’t have insurance. It is heartbreaking.

If you rent you need content insurance for the same reason.

Depending on the country you live in, medical insurance may be a godsend or a waste of money. As I said, you need to do your research on this, especially because it is always changing.

I have been in the same medical insurance company since I was born. I was on my parent’s policy until I turned 18 and got my own. When I was a kid there was no such thing as a ‘gap’ or ‘excess.’ If I went to hospital, all my costs were covered. Fast forward 32 years and the last time I had a quote there was a ‘gap’ of around $3000 if I went private. There is constant debate in my household at the moment as to whether private health insurance is ‘worth it’ or not.

That said, I recently needed $1000 worth of dental work done and my health insurer covered all the costs. It’s still a fine line for whether it is worth the expense or not. If you live in a country where you have to pay for all hospital treatment, a health policy is worth investigating.

Back to your challenge:

This week I want you to investigate what you need to be insured for and what you don’t. Make sure you have the right policy for you. Do your research and make sure you have adequate cover. If you don’t create an action plan to get you there.

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