The purpose of insurance is to protect us from bankruptcy. It shouldn’t be used to pay for something you can afford out of pocket. Contrary to conventional advice, high premiums can be more expensive over time.
If you are generally in good health, instead of getting full coverage, follow this plan:
- Get partial coverage for big hospital expenses such as:
- critical illness
- accident
- disability
- emergency care
- hospitalization
- Save for your personal medical and dental fund.
- Use your personal medical and dental fund to pay for affordable expenses such as:
- eyeglasses
- annual physical exam
- annual dental exam
- laboratory exams
- prescription medication
- mental health services
- preventive and wellness services
Of course, lower the risk of illness by investing money and time to healthier food options, exercise, good sleep, and relaxation.