Medical Insurance Question Answered by a Financial Expert

This important medical insurance question is answered by Financial Freedom lecturer, trainer and author, Dave Briggs.

"My husband recently lost his job and starting March 1st we will no longer have any health insurance.

We are considering a high deductible plan but even that is over $200 a month and really would only kick in if we experienced a catastrophic illness.

We are young and healthy and don't anticipate any such event.

Wouldn't we be better off saving that $200 a month and hoping and praying that we won't have a catastrophic illness?"

Dave Briggs Answers:

"I see your logic about the expense for health insurance... but I think it is dangerous.

I would definitely go with the catastrophic health insurance since you never know when the unexpected may happen brought on by things beyond your control.

If either of you were to get into an accident without medical insurance the hospital or other medical costs would ruin your financial life for a long period of time.

I would say this is a risk that is too great to take ... even for $200 a month."

Webmaster�s comment: We know first hand how important adequate health insurance can be. At a young age, my wife was diagnosed with a life-threatening disease.

The hospital stay and surgery cost hundreds of thousands of dollars. Add to that the loss of her income, and without good health insurance and understanding the principles taught in this site, we would have been wiped out financially.

Thankfully she is better and we survived financially.

We hope that this question has been helpful for you.

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