The Camel is a beautiful animal that knows how to survive in a tough environment. A Camel understands that water is a necessity of life, and in the desert where they happen to live mostly, the availability of water all the time is not assured. So what do they do? They store water in their body and know how to use it when needed. They can survive without an external water source for a good amount of time.
So what can a Camel teach us about Healthcare Finance Planing?..
Nowadays, we all have to buy healthcare insurance (Thank you Obama). One expense that is very predictable is the premium payment on a monthly basis. It is surprising that most people do not think about the money they need to save for premium payment for rest of their life (Believe me, it is a lot of money, more than a college education for your kid).
What causes even more finacianl hardship is the deductible, co-insurance, and out-of-pocket expenses. If your insurance plan does not have out-of-network coverage, good luck, it can be catastrophic in case of emergency when an in-network doctors is not available.
Deductible, co-insurance and out-of-pocket expenses are as unpredictable as the availability of water for Camel in desert.
The ONLY way to avoid financial hardship is to save regularly.
The question now is how much to save? Out-of-pocket expenses are unpredictable and can very significantly depend on the insurance plan, your health, and demographic factors such as age, family history, lifestyle, etc.
The DZeePlan application from DZee Solutions is application designed to help you forecast your healthcare expenses including premiums, deductibles, co-insurance, and out-of-pocket expenses in the short, medium and long terms. DZeePlan can also translate that into a saving projection based on your investment profile.
So what does a Camel teach us about healthcare financials? Plan and save for healthcare expenses when you can, because you do not know when you may need it.