Self-insured or not
Many have concerns about health insurance. If you are on a government program, an employers plan, or do not file taxes, the governments' subsidy plan for the current legislation might not apply to you. However, you do not want to go without health insurance. If you do not have health insurance, you are classified as being self-insured.
Do you want to be self- insured? Do you want to pay 100% of your health cost? Are you saving enough money to cover catastrophic events? If you answered no to the previous questions, you need to find a plan that fits your budget. Even if it is a high-deductible, high co-payment plan, you will be better off having some insurance to cover catastrophic events versus non at all. Normally, catastrophic events require hospitalization.
On another note, if you do want to self-insure, remember charitable organizations may not be able to assist you in the future because of budget cuts. In addition, you may have tax consequences such as penalties or on a good note tax write-offs . Speak to your tax professional for more advice. Just remember that if you do not have a relative or friend sharing their riches with you, you may eat up your own riches (wealth) with medical debt.
To sum it up, try to maintain a healthy lifestyle, have an income replacement strategy such as insurance or a large emergency savings account; do not expect others to do things that you can do for yourself unless you are willing to pay them.
Jonica Rowland, MBA
Independent Insurance Agent
Wholesomehealthandwealth@gmail.com
