The real purpose of health insurance is not to save your life (just as the purpose of auto insurance is not to reduce your chances of an auto accident). Health insurance–like auto, homeowners and other forms of property insurance–is designed to protect you from financial risk.
One obvious risk faced by those who go without health insurance is bankruptcy risk. At that point, medical bills have not only gotten difficult to pay, they are impossible to pay. The family has to start over financially. There’s lots of scary statistics about medical bankruptcies.
Many health insurance providers may make wild claims of how much you can risk by not having health coverage in order to get you to buy a policy. Truthfully, there are serious health and monetary risks that come with having no health insurance.
When you live without insurance, even the most basic care, such as a flu shot or prescription medicine, can take a financial toll on you and your family.
In fact, an annual checkup alone can prove to be too costly for most Americans. This means that you run the risk of missing preventive care and are more likely to suffer negative health outcomes.
Living without health insurance is living with the burden of being unable to provide basic health care to you and your loved ones. Why take the risk?
I would bet that every expat Financial Adviser who has been in the industry for more than 5 years would have a client or two who has had to sell an investment policy early due to unexpected medical bills for themselves or a loved one. So why do Advisers not spend enough focus on this aspect of financial planning for their clients?
You can’t view health insurance as a potential waste of money. It is the insurance you would hope that you would ever have to use. But when you need it, you are so glad it was there.
Speak to a qualified adviser now about the Financial Risks you might be taking and see how you can protect your money and your loved ones.
by John Beverley