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Financial Planning - 4 MUST To Plan For your Financial Freedom, Part 1 : Health

21 December 2005 No Comment

Life is unpredictable. Everything, good or bad, might happen around us in future. No matter how old you are, one accident, illness or anything that might happen could wipe out everything you have. So here is the first part of Liz Pulliam Weston - 4 ways to protect your financial freedom

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Health insurance: Consider catastrophic coverage

Slightly more than half of the American workforce can get health insurance through employers, which usually subsidize some of the cost, according to the Employee Benefit Research Institute (EBRI). If you’re trying to find coverage on your own, you typically can reduce the costs of coverage by opting for the highest deductible you can find.

Some policies, known as catastrophic coverage, make you pay for the first $1,000 to $5,000 in medical bills, but cover everything over that up to a limit of $500,000 to $1 million. Instead of costing $300 to $500 a month for two people in their 30s — the typical cost for lower-deductible plans — catastrophic policies can cost as little as $100 to $200 a month.

The costs increase the older you are, but catastrophic coverage, if you can find it in your area, will still be less expensive than the alternatives. A couple aged 55 could pay more than $1,200 a month for a traditional medical plan, while high-deductible plans will cost around $500.

What is our greatest asset? I think it should be our health right? Health is important for us. However there are a lot of unpredictable may happen on our health. Thus I think the first way of Liz Pulliam Weston is a must for all of us.