Planning or purchasing things gets easier with excess income in hand. But managing in certain scenarios becomes a little difficult with a not-so-generous salary. Especially when those cases involve paying out-of-pocket for medical expenses, which can be quite a burden on the monthly salary.
Situations When it is Difficult to Afford Insurance
Being covered under an employer-sponsored health insurance plan is always convenient as the premium is taken care of by the employer. However, managing high premiums for individual/private health insurance becomes cumbersome with limited cash. The threat of losing the coverage becomes more evident with a late/missed payment or growing expenditures.
A grace period is usually assigned to cover up the delay, in case a monthly payment is missed. But, if the grace period is over, the policy will be cancelled.
Priority in Case of No Policy
If the previous policy is cancelled or there is no coverage, it is highly recommended to get enrolled for a plan soon. Unpredictable medical expenses, especially with today’s lifestyle habits and expensive medical facilities, can lead to financial crisis. Saving little by little really pays off in the time of dire situations.
Things to Do if Health Insurance is difficult to afford
In case you lose your health insurance due to unaffordability of the plan, there are ways in which you can try to work around the situation.
1. Choose a Plan Wisely: If managing a current, more expensive premium is getting difficult, switch to a plan with lower monthly premiums and high out-of-pocket costs. This will make your monthly payments more manageable and your medical bills will need to be paid only when required.
2. Handpick the Covered Health Problems: To bring down the cost of a premium, choose a plan which includes illnesses and diseases which you are more likely to contract, either due to age or hereditary, and drop the plan with less likely contractions.
3. Brace Up for the Future: In case you are unable to afford a plan the only plausible solution remains to contribute to your savings as much as your in-hand income allows. Though this does not guarantee full-coverage, but it will take care of any abrupt medical bills.
Saving up for health expenditures without a health plan should be your last resort due to the risks involved. Therefore, it is always better to stay covered with a health insurance either through individual or employer-sponsored plans. A well-planned life is the best gift one can give oneself.