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health insurance coverage is absolutely key to your financial health and essential to an “active financial plan.”
One-half of all bankruptcies are the result of healthcare costs. If you are eligible, consider joining your spouse’s health plan. If not, carefully review COBRA benefits, especially in light of the current two-thirds subsidy the government now provides. While you may be shocked at the out-of-pocket expense for COBRA, it does have one big advantage — it will likely cover any preconditions you may have — while personal health insurance policies often limit or disqualify coverage for preconditions.
If you are young and healthy, a Health Savings Account, or HSA, may be something to consider. Purchase a high-deductible plan and fund it up to $5,950 if you are married or $3,000 if single. Contributions to this account are deductible like an IRA and may be used tax-free for eligible health expenses. For more information about HSAs, visit www.nahu.org'' consumer/HSAGuide.cfrn. A starting point for personal health insurance is www.ehealthinsurance.com.
Life insurance is another basic element of an active financial plan. While many employers offer life insurance as an employee benefit, it is a good idea to have some insurance not tied to your employer. This is an item that, if you see the layoff coming, you can put in place beforehand. Since it often takes months for the policy to take effect due to the lengthy underwriting process, you’ll want to start
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