Health Insurance
Without health insurance you are placing your family’s financial security at risk, and because you may not be able to access proper medical treatment when you need it, you are placing your life and wellbeing at risk.
Many employers offer health care plan options to their employees, and if you are lucky enough to be in that situation, it is an option worth considering. However, you shouldn’t just assume that your employer’s plan will be cheaper than your own plan, or a better choice for you and your family.
Having your own individual health plan can have many benefits, and you should consider the advantages and disadvantages of all options available to you. Some of the primary benefits of a personal health plan include:
Coverage can be customized for your family’s specific needs and preferences. You get the coverage you want without having to pay for coverage and benefits you don’t need (for example, some families may want coverage for maternity care, but for others this might be unnecessary);
Your plan is portable and stays with you even if you change jobs, lose your job, or retire early; and
You have greater flexibility in choosing health care providers when you need them.
Regardless of your family composition and how many dependents you have, a personal health care plan can be tailored for your needs. For example, a private health insurance plan may be used to provide coverage for:
- You alone;
- Your spouse only (e.g., you might choose to obtain subsidized coverage from your employer, but obtain a separate plan for your spouse who may not be subsidized);
- You and your spouse (without coverage for children);
- You, your spouse, and your children;
- You and your children (without coverage for your spouse); or
- Your spouse and your children (without coverage for yourself).
If you are self-employed or thinking of starting your own business, don’t forget that the premiums are tax deductible.
