How Family Health Insurance Influence Your Financial Planning, Health Insurance Helps to Reach Your Financial

How Family Health Insurance Influence Your Financial Planning1 300x279 How Family Health Insurance Influence Your Financial Planning, Health Insurance Helps to Reach Your Financial

Britannica Encyclopedia define health insurance as the system for financing of medical expenses by means of contributions or taxes paid into a common fund to pay for all or part of health services specified in an insurance policy or law.

Fortunately, my company provides free health insurance for me and my wife also gets free from her company including my two kids.  Spending for contribution or paying for medical insurance is not from our own pocket so it is not a burden to our finances or to our financial planning. 

How about the others out there, how insurance impact your financial planning?  How do you define financial planning?

My personal definition of financial planning is simply the process of achieving a financial goal or desired wealth through the application of appropriate management on our finances.  This includes budgeting, saving, allocation of expenses, and planning for sources of future income, investments, retirement and financial freedom as well.

How the family health insurance influence your family finances?

1.  Protects from the soaring cost of medical and health care – Having a family health insurance protects you and your family from unforeseen medical expenses.  If anyone of your family members gets sick or accident happens; paying of high medical bills is not a problem for you. Through health insurance, you are protecting yourself and your family from financial losses in times of having medical bills or in every trip to the hospital.  Do not wait something to happen to your family before you get this type of insurance; go ahead and purchase the right health insurance for your family. 

Your cash flow and your finances will not be affected every time one of your family members gets sick or visits the doctor because your family is protected to spend big amount of money for health care.  Meaning, you can continue working out of attaining your financial goals when you have health insurance.  You still have the money for investing, saving and spending as per your designed budget or financial plans.

2.  Access to Medication and Health care you need – You can provide the right health care for your kids and spouse without worrying the rate of medical cost.  Having a family health insurance, you have the access to huge networks of high caliber doctors and good hospitals.  Sad truth about most of the family that do not have medical insurance is they delay bringing their kids to the hospital because they are afraid of the medical bills.  They do not have enough money to get proper care for their family.

One thing more to keep in mind is that your health is one of your precious assets.  Having a good health, you have the potential to run your business smoothly or to land for high-paying jobs. You need a proper medical care to have a healthy body and soul in order to work out and to successfully plan for reaching your financial goals. Therefore, family health insurance helps the family to get access with the right medical care and a healthy breadwinner consistently brings cash flow for the family.

Conclusion Although you have constant medical bills, still you can maintain your low monthly expenses that could still keep you reach your desired wealth.  In other words, you can maximize your financial resources to achieve your financial goals successfully.

Indeed, family health insurance can give you peace of mind and worry-free for any future medical expenses.  Keeping you healthy gives you a better opportunity to earn more income or profit and increase your potential to increase your take home money.  That is why health is wealth.

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