Insure Adequately Now, Be Grateful Later
“Insure adequately” is listed as one of the four money habits that will make you rich for good reason. Having good insurance can save you a bundle, and protect you from huge, unexpected financial blows.
It’s easy to think that you don’t need insurance, especially if you’re young and healthy, but that is most definitely not the case.
Just ask my son, who had to have an emergency appendectomy last Thursday.
Now we don’t know what the bill will be for that yet, but a quick search online says that the average price of an appendectomy is $15,850. Plus the charges for the urgent care visit, the ER visit, the tests, and the medications.
Imagine waking up a healthy 18 year old one day and going to bed the next day minus your appendix and with a huge medical bill. Thankfully, kids are now allowed to stay on (or be added to) their parent’s policy until they are age 26, so that’s not the scenario. But it could be, for people without health insurance.
Of course, an emergency fund comes in handy too. While my son was in surgery, the hospital called my cell phone to see if we would be able to make a payment before we left.
“How much do you want?” I asked.
“Well, we’re supposed to ask for at least two thousand dollars,” was the reply.
Since my son does have insurance, I told them I’d rather wait and see what the bill is first, and what we are expected to pay. They were fine with that, but I wonder if they would have been as easy-going if he hadn’t had insurance.
The bottom line is that you don’t want to worry about how to pay for things when you should be concentrating on getting well or on caring about a family member. Get good insurance, and build up that emergency fund.
(Thankfully, my son seems to be recovering just fine. That was scary!)